South Korea to further advance responsible business conduct

Move supports adoption of guidelines for multinational firms.

"The Korean NCP will expand training and outreach to promote the adoption of the OECD Guidelines across Korean businesses."

Those were the words of Ministry of Trade, Industry, and Resources (MOTIR) Deputy Minister for International Trade and Investment Kang Gam-chan during this month's Public-Private Joint Seminar on Responsible Business Conduct (RBC) in Seoul.

The deputy minister was referring to the Korean National Contact Point, which is in charge of supporting companies, other stakeholders, and the government in implementing RBC, particularly for Korean enterprises abroad.

"RBC refers to responsible business practices across economic and social areas, including human rights, labour, and the environment, as set out in the OECD Guidelines for Multinational Enterprises on Responsible Business Conduct," noted MOTIR, which co-hosted the event with the National Human Rights Commission of Korea and UN Global Compact Network Korea.

Corporate representatives and ESG (environmental, social, and governance) experts were amongst those who participated and marked the 50th anniversary of the Guidelines.

"It provided an opportunity to reflect on the Guidelines' role as an international standard for responsible business conduct over the past five decades and to strengthen Korean companies' ability to respond to a rapidly changing business environment shaped by global supply chain shifts and the wider use of [artificial intelligence]," MOTIR said.

"Participants shared approaches to the responsible use of AI; managing human rights and labour risks in critical mineral supply chains; government support for human rights management by Korean companies operating overseas; and corporate AI governance."

Under the Guidelines, businesses are expected to contribute to sustainable development whilst taking responsibility for identifying and addressing adverse impacts on people, planet, and society.