Abstract
This Article appraises the GC as an instrument for promoting corporate responsibility and accountability. While acknowledging that the GC does have potential to produce positive results, it nonetheless highlights several problems and hurdles which it must overcome. Part II examines the goals and structure of the GC, as well as the potential for successful outcomes. Part III focuses on inherent problems facing the GC: it implicit but erroneous assumption that the irresponsible behavior of TNCs is attributable to their lack of knowledge about good governance practices, and hence, its focus on “learning”; its non-regulatory nature; its inability thus far to attract the support and participation of major TCCs; and the non-inclusion of host communities in its dialogic process. Part IV considers the significance of the GC initiative. Among others, it argues that by empowering civil organizations to participate in its processes, the GC may well provide an opportunity for NGOs to influence the behavior of participating corporations. Finally, Part V recommends ways in which the GC can be made more effective. In particular, it calls for distillation of best governance practices in a context-specific manner because, what qualifies as “best practices” in one industry or region may not be so in another.
Recommended Citation
Oshionebo, Evaristus
(2007)
"The U.N. Global Compact and Accountability of Transnational Corporations: Separating Myth from Realities,"
Florida Journal of International Law: Vol. 19:
Iss.
1, Article 1.
Available at:
https://scholarship.law.ufl.edu/fjil/vol19/iss1/1