Monitoring Global Corporate Citizenship: Industry Self-regulation at a Crossroads
HEADNOTE
and the international banking community instituting codes of conduct covering, respectively, manufacturing labour practices and employee working conditions, and project financing and sustainable development. The Fair Labor Association (FLA), representing the apparel industry, has recently released its precedent-setting inaugural report containing audit results of workplace violations and remediation efforts of FLA member apparel suppliers. The banking sector has recently approved the Equator Principles, a set of guidelines developed by the banks for managing social and environmental issues related to the financing of economic development projects. However, for global industry self-regulation to be effective as an alternative to transnational governmental regulation, strong accountability mechanisms and aggressive information (audit) transparency policies need to be adopted by the participating organisations and companies.
Industry self-regulation has traditionally been a voluntary form of control on business behaviour exercised at the national-state level. More recently, industry self-regulation efforts have moved globally, with the apparel industry
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