International Codes and Standards of CSR

The Caux Round Table (CRT): principles followed by firm sin US, Europe and Japan. Founded in 1986. Focuses on global social responsibility so that there is peace in the world. It focuses on better risk calculation and mitigation.

Principles for Global Corporate Responsibility: They were published by ECCR, ICCR and TCCR in 1995. It establishes a new relationship between society and the companies. Derives sustainable framework of equitable distribution and production. it advocates various human rights and strong codes of ethics.

OECD Guidelines (1976): Organization for Economic Cooperation and Development between the society and the companies. These are the codes of conduct to be adopted voluntarily by the enterprises and not the governments.

United National Global Compact (UNGC): It is a framework for enterprises that commit their resources in supporting their strategies and operations with 10 universally accepted principles in the arena of anti-corruption. environment, human labor and rights. It introduced an annual communication on progress in 2003. India is a key member of UNGC.

Social Accountability 8000: It is a certification standard developed in 1989. It gives 8 compliance criteria which are practices, discrimination, freedom of forming an association and collective bargaining, healthy and safety.

Global Reporting Initiative (GRI): It is the first standard to encompass sustainability reporting g. it came into force in 1997. It is a multi-stakeholder-directed organization that collaborates to foster global standards in sustainability reporting. They focus on how the social, environmental and economic impacts should be reported.

Global Sullivan Principles (GSP): They are the codes and guidelines that handle the moral and cultural conflicts faced by MNCs these days, it is a professional cost of conduct that focuses on enhancing the protection of nature, human rights, economic opportunity along social justice for all the employees, industries and countries.

Accountability 1000 (AA 1000): It was developed by the Institute of social and Ethical Accountability in the year 1999. It facilitates the organization in understanding, managing and improving its sustainable performance. It helps in formulating strategies to achieve sustainability. the company must go beyond the verification of data and focus on the way how the data is evaluated so that there is more authenticity and assurance of quality.

ISO 26000: It is a significant code especially for developing countries. It provides a layout to the corporations to follow certain concepts such as environment protection, quality, human rights etc and inculcate these concepts in their operations. Such, concepts will help them to develop in the developing country and later they can enter the developed markets as well.