2023 update of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct Released
The OECD Guidelines for Multinational Enterprises on Responsible Business Conduct are recommendations addressed by governments to multinational enterprises. The guidelines are one of the most important frameworks for sustainability and due diligence in global value chains and therefore of utmost importance for current regulatory developments in sustainability reporting.
The updated Guidelines were released on 8 June within the context of the 2023 OECD Ministerial Council Meeting.
Key updates include:
- Recommendations for enterprises to align with internationally agreed goals on climate change and biodiversity;
- Inclusion of due diligence expectations on the development, financing, sale, licensing, trade and use of technology, including gathering and using data;
- Recommendations on how enterprises are expected to conduct due diligence on impacts and business relationships related to the use of their products and services;
Better protection for at-risk persons and groups, including those who raise concerns regarding the conduct of businesses; - Updated recommendations on disclosure of responsible business conduct information;
- Expanded due diligence recommendations to all forms of corruption;
- Recommendations for enterprises to ensure lobbying activities are consistent with the Guidelines;
- Strengthened procedures to ensure the visibility, effectiveness and functional equivalence of National Contact Points for Responsible Business Conduct.
The updated Guidelines will also serve to support the ambition set out in the Declaration on Promoting and Enabling Responsible Business Conduct in the Global Economy adopted at the 14-15 February 2023 Ministerial meeting on Responsible Business Conduct.