OECD announced as new Observer
October 4, 2019 •
We are pleased to announce that the OECD (Organisation for Economic Co-operation and Development) has become the new Observer of the Voluntary Principles Initiative.
The OECD is an intergovernmental organization with 36 member countries worldwide that work together to identify problems, analyse them, and promote policies to solve them. Its members include many of the world’s advanced and emerging economies.
Since the adoption of the OECD Guidelines for Multinational Enterprises in 1976 and its fifth update in 2011, the OECD has played an important role in advancing responsible business practices within global supply chains, establishing safeguards and accountability mechanisms to ensure that corporate actors are socially responsible and respect human rights.
The OECD developed sector-specific guidance for the minerals sector, OECD Due Diligence Guidance for Responsible Supply Chains of Minerals, which provides detailed recommendations to help companies integrate responsible business conduct expectations into their management and operations by respecting human rights and avoiding contributing to conflict through their mineral purchasing decisions and practices. It has also released sector-specific guidance for the extractives, garment and footwear, agriculture, financial sectors as well as on addressing child labour in mineral supply chains.
With this latest addition, the Voluntary Principles Initiative has now ten government, 29 corporate, and 15 NGO members, as well as nine Observers. You can see the complete list of members and observers here.