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In today’s interconnected world economy, corporate behaviour is a complex issue with real social, environmental and economic costs. How can we be sure businesses are behaving?
The recent scandal over the use of horsemeat in readymade meals that has shaken the entire European continent has revealed not only the complexity and opacity of our food supply chain, but also–and above all–the shortcomings of European food law.
Recent years have brought a flood of stories about dubious standards in business. In the past, many of these might not have impinged on the public’s consciousness. But in today’s interconnected world, consumers and stakeholders are raising the bar for what’s acceptable in corporate behaviour. It’s up to boards and board members to ensure that businesses meet those expectations.
Can I afford to heat my home this winter? Find a job and feed my family? Get treatment if I am sick? Will there be a decent education for my children, and an adequate pension for me? These questions affect us all, but in an interdependent globalised world, who is responsible for solving them?
How can you be sure the toy you buy your child as a birthday present is safe? That your money is safe in the bank? That the tax you pay is not going to waste? The answer is essentially trust – but what happens when that trust breaks down, and how can you rebuild it?
For more than two decades, the world's economic growth and development was largely fuelled by globalisation-the opening up of financial and product markets, and the emergence of economies such as China, India and Brazil. This process was hit by an earthquake with the global financial crisis of 2008, an event which some have dubbed the “first crisis of globalisation”.
At the G20 summit in London on 2 April, governments pledged to do all they can to restore confidence, growth and jobs; repair and strengthen the financial system; promote global trade and investment and reject protectionism; and build an inclusive, green and sustainable recovery for all. The OECD worked behind the scenes with G20 governments and other international organisations to help achieve this successful outcome and further our