I can see that a lot of regulation currently goes through the Corridors of the European Parliament. I don’t know from my own experience but I am also sure that a lot goes through Westminster as it flows around the Asemblée Nationale. I also have the impression that a lot of this moves around the Bundestag and I could go on….
My next point is, how exactly does this effect me? Or you? for that matter. Is regulation important? Does it really have an effect? If we’re talking about being “good for business” then the ECCJ, the European Coalition for Corporate Justice certainly seems to think so.
According to the ECCJ there are many “legal opportunities to improve Europe’s corporate accountability framework”. They outlined that these would come down to two main areas. First of all, legal requirements should be introduced for Multi-National Corporations to report on the impacts of their operations both within the EU and internationally which are “clear, audited, comparable and enforceable standards for large and medium-sized companies” and should consider third-country victims. Secondly, they highlight the need for systemic legal reform. This should improve governance in MNE operations as regards foreign subsidiaries and sub-contractors, improve transparency of information and mitigate the practical obstacles facing victims.
I still think that work can be done to change the attitudes of businesses in general however I can see that some kind of legal framework may be a good start. At least setting clear guidelines would
In this way, regulation would ensure that companies really look at what impact they have. That they begin to truly understand the interconnectivity of their operations and how this effects people and planet. So, I suppose in some way regulation must have effect me? It must effect us? However, let’s see what other solutions there are as well.