OECD updates guidelines for more sustainability in multinational companies
Guidelines Reference framework for companies
According to the Federal Environment Ministry, 51 countries have signed up to the updated OECD guidelines (which were last revised in 2011), including 13 non-OECD countries. The guidelines contained recommendations to companies in the areas of environment, employment, human rights, disclosure, anti-corruption, science & technology, consumer protection, competition and taxation. The update focused in particular on environmental and climate aspects, digital transformation and social aspects. “With the new guidelines, multinational companies are given a frame of reference that meets the current requirements,” said the Federal Minister for Economics and Climate Protection, Robert Habeck (Greens).
Climate, technology, corruption
According to the OECD, one of the central changes is a comprehensive specification of what is expected of companies in the environmental chapter. The recommendations would name examples of the environmental impacts that companies should take into account and formulate specific recommendations in line with international goals, for example on the protection of the climate, biodiversity, sensitive ecosystems and in the area of sustainable production. Furthermore, due diligence recommendations have been included in the Science, Technology and Innovation chapter, for example on the development, financing and sale of technologies. In addition, the corruption chapter has been expanded to cover all forms of corruption. It is also about better protection for vulnerable groups, including whistleblowers.
Editorial office beck-aktuell, June 9, 2023.