International Corporate Responsibility Series

Volume 3, 2007

Controversies in International Corporate Responsibility

Asolo Adeyeye Adewole
Pages 69-79

Corporate Social Responsibility, Self-Regulation, and the Problems of Unethical Business Practices in Africa
A Case for the Establishment of a United Nations Global Business Regulatory Agency

The paper examines the issue of corporate social responsibility (CSR) against the backdrop of its self-regulatory posture. Using the African experience as a case study, the paper observes that the activities of multinationals show very clearly that they are grossly irresponsible despite their professed self-regulation. Instead, the multinationals have created an image of terror due to their deep-rooted involvements in human rights abuses, environmental degradation, tax evasion, bribery, market manipulation, and other forms of unethical practices, notwithstanding their so-called self-regulation. The paper concludes by advocating the establishment of a broad-based United Nations Global Business Regulatory Agency to fully take charge of corporate regulation in the global business terrain.

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