At its ministerial conference in Paris on Thursday, the Organization for Economic Co-operation and Development (OECD) updated guidelines for the responsible management of multinational companies. The innovations refer to the social, ecological and digital developments of the last ten years. The OECD recommends that companies focus on international climate targets and the protection of biodiversity.
For development, financing, sales, licensing, trade, technology use, data collection and use, they must introduce due diligence checks, Swiss news agency sda reported, citing the Swiss State Secretariat for Economic Affairs (Seco) . The OECD has also issued new recommendations for reporting on corporate governance. She expanded those to fight corruption.
The guiding principles are standard across the world. They are widely recognized and implemented in policy and business practice. They were last updated in 2011. The 51 states that are signatories to the guidelines, including Austria, have decided to update them. The 51 countries account for two-thirds of world trade and investment. (apa)