From pronouncing to implementing business sustainability norms in the South - the UN Global Compact and World Bank Group engagement

With increased occurrence of financial and economic crises across the globe, international organisations have pressed for and issued basic governance rules. From OECD's 'Principles of Corporate Governance' to the UN proclamation of the 'Global Compact', those recommendations can only become effective if implemented at the national, local and individual firm level. The World Bank Group has attempted to translate those concepts into practice by engaging developing countries' governments to establish reliable regulatory frameworks, and supporting business to make more comprehensive investments. This essay focuses on the Bank's efforts of getting firms and governments in the South involved in pursuing governance and foster sustainable and inclusive growth. Progress is forthcoming, however, global norm building in business and finance is still in process and will only succeed if efforts on both fronts understand the non-enforceable character of global governance rules in a world of nation states.