The 2023 Update of the OECD Guidelines sets Stronger Standards for Companies but Weak Expectations for Governments – High and Lowlights from the New Text

Abstract

Abstract In June 2023, the OECD published ‘targeted updates’ to the newly renamed OECD Guidelines for Multinational Enterprises on Responsible Business Conduct. This piece examines some of the most significant updates from the perspective of civil society. The majority of the updates strengthen the authoritative international standards on responsible business conduct; for example, by addressing new and important topics, such as climate change, and clarifying expectations on established due diligence concepts. Meanwhile, the revised implementation procedures suggest progressive measures for governments to strengthen their National Contact Points, but largely do not require specific improvements. This piece discusses the strengths and shortcomings of these changes and assesses the impact of the updates on international norms.