PIMCO Headquarters, 650 Newport Center Dr, Newport Beach, California, United States of America
Symposium – ESG 2.0 and the Sustainable Development Goals
Multinational enterprises, development and decent work: the approach of the MNE Declaration
International labour standards and corporate social responsibility
Governments need to have good laws, institutions and processes in place to ensure accountability, stability, equality and access to justice for all. This ultimately leads to respect for human rights and the environment. It also helps lower levels of corruption and instances of violent conflict.
This concept is called “rule of law.” It affects everything about where people work and how they live. By having a strong rule of law, governments give business and society the stability of knowing that all rights are respected and protected. A strong rule of law includes:
- Clearly written and easily accessible laws that create certainty and enforceability of legal rights
- An independent and impartial judiciary that promotes fairness and ensures transparent, timely and predictable resolution of disputes
- Effective and efficient public institutions that empower business and individuals to make a positive contribution to the economy and society
There are great benefits to business, and other stakeholders, in respecting and supporting the rule of law. Where the rule of law is weak, it is harder for responsible businesses to function, and to meet their legal obligations and have their legal rights protected.
Companies need governments to offer a strong rule of law so that businesses can meet their commitments to universal sustainability standards – including the UN Global Compact’s Ten Principles.
To learn how you can respect and support the rule of law to complement required government action, refer to the UN Global Compact’s Business for the Rule of Law
Framework or by contacting us at firstname.lastname@example.org.