media advisory
EVIAN (FRANCE), 2 June 2003
G8 declaration on multinationals puts bad
business first
The G8 today made a new declaration to
foster growth and promote a responsible
market economy [1]. The declaration covers
three areas:
-
-
Corporate Social Responsibility –
promoting corporate voluntarism [2].
-
Corruption and transparency – piloting
‘on a voluntary basis an intensified
approach to transparency’ of the oil, gas
and mining industries.
-
Corporate governance – proposing
strengthening transparency and
accountability of companies to shareholders
(but, significantly, not to anyone else
affected by their activities).
Friends of the Earth International
corporates campaigner Matt Phillips said:
“The oil industry have not voluntarily
stopped spilling oil, operating in repressive
regimes or exploiting ever more sources of
fossil fuels resulting in climate change. As
with so many other multinationals, they are
getting away with social and environmental
degradation. These eight leaders are more
responsible than anyone for the actions of
their multinationals. Yet they are prepared
to go no further than promoting failed
corporate voluntarism. This declaration is a
meaningless piece of spin from eight leaders
more interested in the interests of
multinationals than people and the
environment.”
CONTACTS
in Evian - Matt Phillips + 44 7817 314
706
NOTES:
[1] The plan is called: “Fostering Growth
and Promoting a Responsible
Market Economy” and is backed by a further
action plan called “Fighting Corruption and
Improving Transparency”.
[2] The G8 state:
“We will work with interested countries on
initiatives that support sustainable economic
growth, including the creation of an
environment in which business can act
responsibly. We also welcome voluntary
initiatives taken by companies that promote
corporate social and environmental
responsibility, such as the OECD Guidelines
for Multinational Enterprises and the UN
Global Compact principles consistent with
their economic interest. We encourage
companies to work with other parties to
complement and foster the implementation of
existing instruments, such as the OECD
guidelines and the ILO 1998 Declarations on
Fundamental Principles and Rights at
Work.”.
This represents a climbdown from the
agreement these governments reached in
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