In June 2023, the revised version of the OECD Guidelines for Multinational Enterprises on Responsible Business was published. These guidelines are recommendations by governments to promote positive contributions by companies to economic, environmental and social progress and to minimize negative impacts. The recommendations on responsible business conduct in key areas such as climate change, biodiversity, technology, business integrity and supply chain due diligence have now been updated.

Specifically, the renewed guidelines state, among other things, that.

• Companies should adhere to internationally agreed climate change and biodiversity targets,
• due diligence obligations should be expanded and implemented,
• vulnerable individuals and groups who criticize corporate behavior should be better protected.

51 countries have signed up to the OECD Guidelines, including 13 non-OECD countries. While the Guidelines are not legally binding, the German government, for example, expects German multinationals and those operating in Germany to follow them.

More information (in English) on the OECD Guidelines can be found here.