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Converged Approach in Regulation for Socializing Transnational Corporations

In: Code of Conduct on Transnational Corporations

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  • Mia Mahmudur Rahim

    (University of South Australia)

Abstract

The prolonged attempt to create a global code for TNCs was ultimately unsuccessful, yet the simultaneous rise of global frameworks and guidelines by various private bodies highlight the need for monitoring of the performance of TNCs in addition to evaluation of their accountability practice. But none of the current frameworks and guidelines has been successful in laying down a clear way forward for the creation of an accepted global code of conduct for TNCs. The corporate social responsibility movement is a reaction to this need; it assists the shift of the market centred focus of global regulatory framework initiatives to ‘people centred’ (as opposed to country-centred) concerns. Accordingly, the core CSR principles urge that TNCs must not only be compliant but also responsible to their wider stakeholders and the environment. This chapter presents how the implementation of CSR principles in corporations can be an alternative to a global code of conduct for socialising TNCs.

Suggested Citation

  • Mia Mahmudur Rahim, 2019. "Converged Approach in Regulation for Socializing Transnational Corporations," CSR, Sustainability, Ethics & Governance, in: Mia Mahmudur Rahim (ed.), Code of Conduct on Transnational Corporations, pages 155-184, Springer.
    • Handle: RePEc:spr:csrchp:978-3-030-10816-8_8
    DOI: 10.1007/978-3-030-10816-8_8
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