초록

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Abstract ▼ AI-Helper

Multinational corporations have a significant role to play in promoting economic growth and alleviating poverty, particularly in developing countries. Until the early 1990s MNEs committed a variety of illegal activities in the less developed countries situated in their subsidiaries because neither t...

Multinational corporations have a significant role to play in promoting economic growth and alleviating poverty, particularly in developing countries. Until the early 1990s MNEs committed a variety of illegal activities in the less developed countries situated in their subsidiaries because neither the national law of the parent company nor international law could not reach into the domestic affairs of other countries. The rapid growth in telecommunications, human right activism, and increased consumer awareness drove companies to contemplate the significance of stakeholders other than shareholders. Although anti-competitive practices, bribery and forms of tax evasion or fraud are justiciable on the basis of extra-territorial legislation, MNEs are bound to respect human rights, labor rights, and environmental protection in the host State by host State laws and MNE self-regulation. This self-regulation is reinforced by public international non-enforceable instruments, such as the OECD Guidelines for MNEs, the UN Global Compact, and NGO-based guidelines or reporting standards. Similarly, traditional corporate governance schemes are being challenged by legislation and international initiatives response to recent large corporate scandals. Furthermore, World Bank and MIGA social and environmental policies would have the effect of curtailing corporate abuses in LDCs. However, we are far from a satisfactory legal regime that allows for sufficient self-regulation that fosters CSR in business entrepreneurial spirit.

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