Due diligence is an internationally recognised tool designed to help businesses act responsibly by identifying and assessing the risk of negative impacts and harm from their own activities and those of suppliers and business partners.
Responsible business conduct
While many Norwegian businesses want to act responsibly, doing so can be challenging in practice. The Contact Point’s guidance has been developed in collaboration with key Norwegian stakeholders, and provides a useful introduction to the OECD’s due diligence methodology.
“We encourage all companies and other business-sector stakeholders, particularly employee and employer organisations, to make active use of the new guidance, and continue their efforts to promote responsible business conduct,” say Minister of Foreign Affairs Ine Eriksen Søreide and Minister of Trade and Industry Torbjørn Røe Isaksen.
Export Credit Norway expects its customers – whether exporters or borrowers – to carry out risk-based due diligence for their projects. According to Fanny Fabricius Bye, sustainability manager at Export Credit Norway, while the number of companies implementing effective measures in this area has increased, many still have some way to go.
Norwegian businesses can undoubtedly intensify their focus on due diligence obligations and expectations related to social and environmental issues – in their own businesses, in their supply chains and in their dealings with customers. The OECD Due Diligence Guidance for Responsible Business Conduct is a helpful, comprehensive resource in this regard, says Fabricius Bye.
She adds that the guidance provides both a thorough introduction to the topic and practical examples of how companies can conduct due diligence.
“The purpose of the guidance is to promote a common understanding of what is expected of businesses in terms of responsible business conduct, and of how businesses should identify and assess their potential negative impacts. The guidance introduces the methodology and explain how to conduct due diligence in accordance with the OECD Guidelines for Multinational Enterprises.
Due diligence for responsible business conduct
Published 11. Jan 2019