Holding Economic Power to Account: Toward the meaningful accountability of transnational capital (ABSTRACT)

The paper I’ll be presenting at the G20 Youth Conference in May. There’s a little more on the direction I’m approaching from here(This was updated 2 March 2014 as a later draft saw me head off in a slightly different direction; below is the abstract for the paper I’ll actually be taking to the conference. Original is at end of post).

From ‘Gift’ to ‘Right’: Moving beyond corporate social responsibility to corporate accountability

Multinational enterprises stride across the international stage, rivaling states in their economic size and power but only subject to international laws via the laws of individual states. These entities have enormous capacity to affect the lives and livelihoods of individuals and communities worldwide, and an international community that professes democratic values must provide mechanisms by which MNEs can be held directly accountable to the communities in which they operate.

Adequate mechanisms must provide for three stages of accountability: provision of information, discussion and explanation, and rectification. Furthermore, they must be based on clear accountability rights rather than voluntary compliance by MNEs, and significant barriers to access must not exist. Measured against these standards, existing international mechanisms for accountability are found lacking, for when we consider access, power, and the importance of accountability rights, the dominant rhetoric of corporate social responsibility (CSR) becomes rather unhelpful. The challenge is to move beyond CSR to a global accountability regime that challenges existing inequalities of power.

(Following is the abstract from a previous draft, initially published here on 3 Feb 2014).

Holding Economic Power to Account:  Toward the meaningful accountability of transnational capital

Multinational enterprises stride across the international stage, rivaling states in their economic size and power but only subject to international laws via the laws of individual states. These entities have enormous capacity to affect the lives and livelihoods of individuals and communities worldwide, and an international community that professes democratic values must provide mechanisms by which MNEs can be held directly accountable to the communities in which they operate.

Adequate mechanisms must provide for three stages of accountability: provision of information, discussion and explanation, and rectification. Furthermore, they must be based on clear accountability rights rather than voluntary compliance by MNEs, and significant barriers to access must not exist. Measured against these standards, existing international mechanisms for accountability are found lacking. While the G20’s embracing of the transparency agenda is commendable, more action must be taken to move from voluntary to mandatory compliance and enable meaningful access to rectification.

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2 responses to “Holding Economic Power to Account: Toward the meaningful accountability of transnational capital (ABSTRACT)

  1. Pingback: Camden Luxford

  2. Pingback: Christine Bader on ‘The Evolution of a Corporate Idealist’ | Camden Luxford

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