Update of the OECD Guidelines for Multinational Enterprises 2023
The update of the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct (hereafter OECD Guidelines) was adopted at the 2023 OECD Ministerial Council Meeting.
OECD members committed to a rule-based international order and to a sustainable and inclusive growth. Corporate responsibility is an essential factor. Moreover, the OECD's central role in shaping global standards in partnership with relevant stakeholders was acknowledged.
The OECD Guidelines are the world's leading standard for responsible corporate governance and are widely used in business practice. The OECD Guidelines were last updated in 2011. The 2023 update responds to urgent social, environmental and technological developments that societies and businesses increasingly face.
The main updates concern:
- Recommendations for enterprises to align with internationally agreed goals on climate change and biodiversity;
- Inclusion of due diligence expectations on the development, financing, sale, licensing, trade and use of technology, including gathering and using data;
- Recommendations on how enterprises are expected to conduct due diligence on impacts and business relationships related to the use of their products and services;
- Better protection for at-risk persons and groups, including those who raise concerns regarding the conduct of businesses;
- Updated recommendations on disclosure of responsible business conduct information;
- Expanded due diligence recommendations to all forms of corruption;
- Recommendations for enterprises to ensure lobbying activities are consistent with the Guidelines;
- Strengthened procedures to ensure the visibility, effectiveness and functional equivalence of National Contact Points for Responsible Business Conduct.
The update of the OECD Guidelines was agreed on by the 51 adhering countries that have committed to the promotion of the Guidelines. These include both members and non-members of the OECD, which together account for two-thirds of the global trade and investment. A variety of institutions were involved in the updating process: BIAC, TUAC and OECD Watch. The process also included two public consultations open to interested stakeholders from all countries.