According to an RBA survey, 47% of companies worldwide receive funding assistance from the local government. These benefits can be divided into several categories: Reports suggest that the COVID-19 crisis and resulting market volatility has increased investor interest in environmental, social and governance (ESG) issues, in particular the issues described above, which are seen as markers for long term performance and risk management.45 Some reports suggest that ESG funds have already outperformed traditional funds during the crisis.46. Investors and consumers will pay attention to business leaders that consider innovative ways of avoiding layoffs, for example through reductions in executive pay or cancelling dividend payments. ← 35. The continued circulation of goods and workers is a potential vector of contamination, and may also lead to increased environmental impacts. Download the text of the OECD's Due Diligence Guidance for Responsible Supply Chain Management of Minerals from Conflict-Affected and High-Risk Areas (pdf) Conference page for the ICGLR-OECD consultation on responsible supply chain management of conflict minerals, 29-30 September 2010 - Nairobi, Kenya. Enacting laws to strengthen workers’ protection or adapting the existing legal framework to the emergency situation. Euractiv with Reuters (15 March 2020), “Danish corona-hit firms get state aid to pay 75% of salaries”, Euractiv, https://www.euractiv.com/section/coronavirus/news/danish-corona-hit-firms-get-state-aid-to-pay-75-of-salaries/. This in turn impacts workers, whose income and livelihood are at risk. J. Warrington (22 March 2020), “Coronavirus: Primark to close all UK stores as pandemic hits high street”, City A.M, UK, https://www.cityam.com/coronavirus-primark-cancels-all-orders-in-blow-for-suppliers/, ← 4. Explore these leading collaborative initiatives to advance an inclusive green economy transition. ← 1. Access Now (19 March 2020), “Access Now urges transparency from Zoom on privacy and security”, Access Now https://www.accessnow.org/access-now-urges-transparency-from-zoom-on-privacy-and-security/ See also BBC News (1 April 2020), “Coronavirus: Zoom under increased scrutiny as popularity soars”, BBC https://www.bbc.com/news/business-52115434#share-tools. However, government and business responses may also have unforeseen risks of their own. Government support and incentives for taking an RBC approach will therefore be important for ensuring policy coherence between policies in response to the crisis and the expectation that business observe RBC standards and contribute to sustainable development. For measures to mitigate these risks, see Access Now (March 2020), “Recommendations on privacy and data protection in the fight against COVID-19”, Access Now https://www.accessnow.org/cms/assets/uploads/2020/03/Access-Now-recommendations-on-Covid-and-data-protection-and-privacy.pdf, ← 40. OECD (2020), Covid-19 and International trade: Issues and Actions, Paris, OECD, https://read.oecd-ilibrary.org/view/?ref=128_128542-3ijg8kfswh&title=COVID-19-and-international-trade-issues-and-actions, ← 22. 5. This note, prepared by the OECD Centre for Responsible Business Conduct, reviews the challenges the COVID-19 crisis presents for business behaviour and outlines initial responses by governments and companies. It also seeks to promote a Use this information to inform the company contingency strategy and continuity planning in its supply chains. Livemint ( 23 March 2020), “Coronavirus pandemic puts India’s informal workers in the firing line”, Livemint News, Anuja, Uptal Bashkar https://www.livemint.com/news/india/coronavirus-pandemic-puts-india-s-informal-workers-in-the-firing-line-11584902659516.html, ← 13. https://oecd.dam-broadcast.com/pm_7379_119_119686-962r78x4do.pdf, ← 14. WHO (2020), Recommendations for the Workplace, World Health Organization, https://www.who.int/docs/default-source/coronaviruse/advice-for-workplace-clean-19-03-2020.pdf, ← 15. Furloughs and layoffs are reported to have a negative impact on the productivity for the remaining workers. OECD Responsible Business Conduct, OECD Guidelines for Multinational Enterprises: National Contact Points for RBC, https://mneguidelines.oecd.org/ncps. The Responsible Business Alliance is a coalition of 380 large companies in various sectors including electronics, retail, auto and toy manufacturing, with combined annual revenues of greater than $7.7 trillion, directly employing over 21.5 million people, and with products manufactured in more than 120 countries. The US Department of Justice (2020) Joint Antitrust Statement Regarding COVID-19 https://www.justice.gov/atr/joint-antitrust-statement-regarding-covid-19, ← 23. In considering layoffs and other short-term changes with employment effects, provide reasonable notice to workers and their representatives – and, where appropriate, to the relevant governmental authorities – and cooperate with them so as to consider viable options or other steps to mitigate to the maximum extent practicable those adverse effects.1 Consider innovative solutions, such as cuts to executive pay or cancelling dividend payments (if relevant), to help finance wages and avoid layoffs or furloughs. The coronavirus (COVID-19) pandemic has created major disruptions in the economy and the life of businesses, whether or not they are able to continue their operations. In this blog, we discuss some challenges with the OECD guidance. © 2012-2021 Green Growth Knowledge Platform. M. McGrath, (19 March 2020), “Coronavirus: Air pollution and CO2 fall rapidly as virus spreads”, BBC News, https://www.bbc.com/news/science-environment-51944780; M. Stone (3 April 2020), “Carbon emissions are falling sharply due to coronavirus. S. Islam Ishty (23 March 2020), Ÿour order has been cancelled: The coronavirus impact on the RMG sector”, The Financial Express, https://thefinancialexpress.com.bd/views/views/your-order-has-been-cancelled-the-coronavirus-impact-on-the-rmg-sector-1584974682, ← 2. Governments should also ensure that measures designed and implemented to respond to the crisis do not exacerbate the adverse socio-economic impacts of the crisis, but rather incentivise companies to mitigate any potential harms and maximise the positive impacts of such measures.53. According to OECD data from 3 April 2020, 97% of OECD countries have introduced or announced measures to provide for financial support to firms affected by a drop in demand, and 92% are taking measures to provide income support to workers losing their jobs or self-employment income.34, Both containment and economic support measures are necessary to fight the pandemic and its socio-economic effects, but may also create unintended effects related to company conduct. Dr. Preet Deep Singh (25 March 2020), “MCA allows COVID-19 under CSR expenditure: Can/will startup get money?, Invest India: National Investment Pormotion and Facilitation Agency, https://www.investindia.gov.in/team-india-blogs/mca-allows-covid-19-under-csr-expenditure-can-will-startup-get-money, ← 11. These leading partner organizations have committed to working towards a sustainable future by collaborating in the generation, management and sharing of knowledge. The OECD Guidelines for Multinational Enterprises require that National Contact Points meet the criteria of transparency, visibility, accessibility, and accountability, and handle grievances (known as ‘specific instances’) in a way that is impartial, predictable, equitable, and compatible with the OECD Guidelines. The OECD Due Diligence Guidance for Responsible Business Conduct A briefing for civil society organisations on the strongest elements for use in advocacy On 31 May 2018, the OECD Council of Ministers adopted the “Due Diligence Guidance for Responsible Business Conduct” (Guidance). FWF (2020) , “COVID-19 Impact and responses: Bangladesh”, COVID-19 Guidances for production countries, Fair Wear Foundation https://www.fairwear.org/covid-19-dossier/covid-19-guidance-for-production-countries/covid-19-impact-and-responses-bangladesh/, ← 3. It provides plain-language explanations, tips and illustrative examples of due diligence actions that companies may take to identify, prevent and mitigate risks. G20 Leaders have committed to ensuring that any COVID-19 related measure they take that might have a disruptive effect on world trade will be targeted, proportionate, transparent, and temporary, G20 Leaders’ Statement on 26 March 2020, https://g20.org/en/media/Documents/G20_Extraordinary%20G20%20Leaders%E2%80%99%20Summit_Statement_EN%20(3).pdf. the call of the International Apparel Federation for solidarity in apparel supply chains: Fashion United (25 March 2020) “IAF urges solidarity in apparel supply chain”, Fashion United, https://fashionunited.com/news/fashion/iaf-urges-solidarity-in-apparel-supply-chain/2020032532777. ← 61. Bank-level grievance mechanisms 3. Although such measures differ widely across countries, according to an ITUC survey, finding that many countries rather focus on financially supporting companies than workers. Transparency and client confidentiality 4. ← 27. International Organisation for Migration (26 March 2020), “Covid-19 places migrant workers in highly vulnerable situations”, https://crest.iom.int/news/covid-19-places-migrant-workers-highly-vulnerable-situations%C2%A0. This document, as well as any data and map included herein, are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Both supply and demand-side disruptions exacerbate the socio-economic impacts of the crisis. A. Edgecliffe-Johnson (24 March 2020) “Coronavirus lay-offs split corporate America”, Financial Times, New York, https://www.ft.com/content/c49e6a74-6c60-11ea-89df-41bea055720b, ← 10. ← 1. Selected projects are expected to receive government funding9, The government of India announced that companies spending for COVID-19 would qualify as CSR activity under the mandatory allocation of profit to CSR activity10, Ensuring workers’ protection and best practice such as social distancing within government agencies, Adopting highest standards of conduct and responsible responses to the COVID-19 outbreak in state-owned enterprises, Integrating RBC considerations in the public procurement of COVID-19 related products or services, In China, SOEs have been providing at least two-month rent holidays for business tenants, including retail stores to alleviate economic and financial distress caused by the outbreak11, ← 1. C. Foran, M. Raju, H. Byrd & T. Barrett (27 March 2020), “Trump signs historic 2$ trillion stimulus after Congress passess it Friday”, CNN Politics, https://edition.cnn.com/2020/03/27/politics/coronavirus-stimulus-house-vote/index.html, ← 31. See e.g. Bloomberg Tax (24 March 2020), “Chile grants new remote work rights amid Coroonavirus outbreak, Payroll News, Bloomberg Tax, https://news.bloombergtax.com/payroll/chile-grants-new-remote-work-rights-amid-coronavirus-outbreak, ← 2. ← 5. The OECD Guidelines for Multinational Enterprises are government-backed recommendations on responsible business conduct to encourage sustainable development and enduring social progress. M. Barry (27 March 2020) “Shaping a sustainable post-Covid-19 world: five lessons for business”, Ethical Corporation, http://www.ethicalcorp.com/shaping-sustainable-post-covid-19-world-five-lessons-business, ← 53. See e.g. In normal times, RBC is closely associated with brand strength and corporate reputation.49 It is likely that these considerations will also apply to the way companies are responding to the crisis, and that investors and consumers will look more favourably to companies that have sought to take an RBC approach to the crisis. Three main questions we raise are: Who risks impacting human rights? companies fraudulently characterising themselves as providing ‘essential services’ in order to continue activity.35, In the face of unprecedented changes and impacts on companies’ own operations or in their supply chains, enterprises have adopted a variety of responses, many actively putting resources, logistics, skills and innovative approaches at the service of the fight against the pandemic.36 For example, companies have taken extraordinary measures to ensure the continued supply of essential goods and services, and in some cases are redirecting production to manufacture protective products and health equipment.37, Many companies have directed their staff to work from home, and, if not possible, have put in place hygiene protocols to protect their workers. The Recommendation on the OECD Due Diligence Guidance for Responsible Business Conduct was adopted by the Council at its meeting at Ministerial level on 30 May 2018. For many companies (particularly SMEs), applying an RBC approach in their crisis response and having access to the abovementioned benefits will be difficult without support and incentives from government. Suppliers may no longer be in a position to continue their activity and honour contracts. The crisis may affect levels of disclosure, as travel restrictions and focus on crisis management may delay or reduce the quantity of data provided by companies.20, Responding to urgent needs for the timely and sufficient delivery of essential goods and services to combat the crisis may require usually competing companies to collaborate in ways that are consistent with antitrust laws. The ways that companies respond now on these issues will also have lasting repercussions for their balance sheets and productivity during the recovery period. Beyond risk management, embedding RBC considerations into COVID-19 crisis management is likely to translate directly into long-term value and other benefits that will support a company’s recovery. The OECD Guidelines for Multinational Enterprises recommend that enterprises conduct due diligence in order to identify, prevent or mitigate and account for how actual and potential adverse impacts are addressed. National Contact Points for RBC, as the unique implementation mechanism of the OECD Guidelines, may be able to support policy coherence on RBC and help governments in integrating RBC into the design and implementation of national responses to the crisis, including long-term policies linked to the recovery. Taking proactive measures to minimise the negative impacts of the company’s response to the crisis may avert a number of legal risks.47 Abruptly suspending contracts or cancelling orders with suppliers may trigger legal challenges down the line, as might layoffs or furloughs of workers, or unilateral imposition of pay cuts or leave without pay. There is also a risk that miners could shift into sectors that have been more difficult to regulate, exposing mining communities to greater adverse impacts. Establishing channels for dialogue to enable businesses and other stakeholders to seek clarification and advice, Addressing the spread of misinformation and harmful content related to COVID-19, Convening and facilitating collective initiatives among industry and various stakeholders to support cost-effective and broadly supported responses to the COVID-19 crisis, The United States3 and the United Kingdom4 have issued guidance for businesses and employers on how to respond to the crisis in a way that reduces workers’ exposure to COVID-19, The Australian government created the Coronavirus Australia App to provide up-to-date information and advice5, The UK government has been collaborating with social media firms to fight the spread of misinformation about the virus6, Co-ordinating policy responses at global level to stop the spread of the pandemic and support business continuity, Co-operating with other governments to adopt “do no harm” trade policies facilitating the flow of essential medicine and equipment, Consult and engage with stakeholders on the definition of expectations with regards to RBC and COVID-19, Ensure coherence and co-ordination between various government agencies as well as with existing laws and policies on the response to the COVID-19 crisis, Ensure that emergency measures taken by the government are non-discriminatory and maintain an enabling environment for RBC, G7 leaders have committed to ensure a strong global response through cooperation and enhanced coordination7, Argentina developed a guide for subnational governments to manage the COVID-19 crisis8, Encourage responsible business responses to COVID-19 through tax benefits or financial incentives, Conditioning the allocation of government support, for example in the context of aid, loan guarantees, equity participation or other stimulus packages, to observance of RBC standards, The German government organised a virtual COVID-19 “hackathon” allowing over 40,000 participants to propose innovative solutions to the pandemic. In general, see A. Triponel (16 March 2020) “Coronavirus is shining the spotlight on unhealthy supply chains: cleaning them up will help both business resilience and worker wellbeing”, Medium, https://medium.com/@annatriponel/coronavirus-is-shining-the-spotlight-on-unhealthy-supply-chains-cleaning-them-up-will-help-both-80f1a5739423. Green growth is the pursuit of economic development in an environmentally sustainable manner. L. Abboud (19 March 2020), “Inside the factory: how LVMH met France’s call for hand sanitiser in 72 hours”, Financial Times, https://www.ft.com/content/e9c2bae4-6909-11ea-800d-da70cff6e4d3; N. Bashir (27 March 2020), “James Dyson designed a new ventilator in 10 days. These measures include aid, bailout, nationalisation and stimulus programmes which are among the most ambitious in history29. In considering whether to temporarily suspend, cancel or reduce orders or other types business with suppliers and business partners, assess the socio-economic impacts of various contingency options, taking into consideration the availability of any loan or emergency relief packages and support. K. Johnson (27 February 2020) “Cambodia says 200 factories face production halt from Coronavirus”, Reuters, Business news,https://uk.reuters.com/article/us-china-health-cambodia-factories/cambodia-says-200-factories-face-production-halt-from-coronavirus-idUKKCN20L1GJ. In light of the specific circumstances of each case, it would be appropriate if management were able to give such notice prior to the final decision being taken. OECD (2020), “Supporting people and companies to deal with the Covid-19 virus: Options for an immediate employment and social-policy response”, ELS Policy Brief on the Policy Response to the Covid-19 Crisis, OECD, Paris, https://oecd.dam-broadcast.com/pm_7379_119_119686-962r78x4do.pdf. Evidence also suggests, more broadly, that providing a strong package of benefits boosts worker morale and trust. C. Leon, V. Osorio y E. Giletta (March 2020), “Guia rapida de gestion de crisis del COVID-19 para gobiernos : Salud publica, tecnologias y comunicacion“, Asuntos del Sur y Bloomsbury Policy Gorup, https://asuntosdelsur.org/wp-content/uploads/2020/03/Gu%C3%ADa-r%C3%A1pida-de-gesti%C3%B3n-de-crisis-del-COVID-19-para-gobiernos.1-1.pdf, ← 9. ← 3. A. Triponel (16 March 2020) “Coronavirus is shining the spotlight on unhealthy supply chains: cleaning them up will help both business resilience and worker wellbeing”, Medium, https://medium.com/@annatriponel/coronavirus-is-shining-the-spotlight-on-unhealthy-supply-chains-cleaning-them-up-will-help-both-80f1a5739423. Companies taking proactive steps to address the risks of COVID-19 in a way that mitigates adverse impacts on workers and supply chains are also likely to build more long-term value and resilience. Conditionality in emergency or relief funds: Around the world, governments are adopting aid and stimulus packages that will provide a number of benefits to companies and workers. Sustainability responsibilities 5. 25, pp. p. 3, https://read.oecd-ilibrary.org/view/?ref=126_126496-evgsi2gmqj&title=Evaluating_the_initial_impact_of_COVID-19_containment_measures_on_economic_activity, Recent OECD data on the economic effects of the crisis and related containment measures indicate that "the overall direct initial hit to the level of GDP is typically between 20-25% in many major advanced economies.”6 Complete or partial shutdowns are impacting sectors in different ways, affecting to varying degrees their ability to operate, the demand for their products or services, and their balance sheets (Figure 1 shows the potential impact of shutdowns in selected G7 economies). Debates are also emerging as to how to ensure that the benefits of these plans will be fairly distributed among all those that have suffered from the crisis, including workers.54 In order to navigate numerous legal, ethical and political hazards associated with relief funds, governments can use RBC standards to condition support.55 Including commitments to internationally recognised RBC standards, such as the OECD Guidelines for Multinational Enterprises and the OECD Due Diligence Guidance for Responsible Business Conduct, can help ensure that benefits of fiscal support measures are shared equitably, and that businesses receiving fiscal support are appropriately managing their broader environmental, social or governance risks.56 Specific conditions on RBC issues emerging from government fiscal support packages to date include prohibitions on laying off workers, guarantees to pay all or a portion of wages, commitments to invest in worker skills and training, as well as commitments to invest in disaster preparedness and supply chain security. Morgan Stanley Research, (6 April 2020), “Why the Coronavirus Puts a New Lens on ESG Investing”, Morgan Stanley, https://www.morganstanley.com/ideas/coronavirus-corporates-esg-investing. For firms facing solvency or major liquidity issues, assess the short-term and long-term socio-economic impacts of various options and contingency plans; communicate them to creditors and where relevant, the government. Another difference between transaction due diligence and due diligence for RBC concerns stakeholders. Many enterprises, particularly SMEs, will simply seek to remain viable and avoid bankruptcy. OECD (2020), Covid-19: SME Policy Responses, OECD, Paris, https://oecd.dam-broadcast.com/pm_7379_119_119680-di6h3qgi4x.pdf, ← 4. OECD (25 March 2020), “Financial consumer protection responses to COVID- 19”, https://read.oecd-ilibrary.org/view/?ref=124_124996-e6qk9dk3ta&title=Financial_consumer_protection_responses_to_COVID-19, Programmes aimed at supporting economically hit companies and at jumpstarting the economy post-crisis may struggle to find the right balance between a quick recovery, the continuity of certain enterprises and sectors, and the application of environmental, social or other regulatory safeguards and protections. Some key areas in which the new paper provides important clarifications and guidance related to the due diligence and responsible conduct expected of banks include: 1. This guidance provides practical support to enterprises on the implementation of the OECD Guidelines for Multinational Enterprises by providing plain-language explanations of its due diligence … Organisation for Economic, OECD Policy Responses to Coronavirus (COVID-19), The economic, social and environmental impacts of COVID-19, COVID-19 has created unprecedented challenges for companies to manage negative impacts on workers, Impacts beyond workers – a wide range of social and environmental issues, Disruptions in global supply chains amplify negative impacts on people, planet and society, Government and Company responses to covid-19 and their effects, From risk to resilience – the role of RBC in business and government responses to the Crisis, An RBC approach to the COVID-19 crisis will help companies build resilience and long-term value, Social dialogue, industrial relations and stakeholder engagement, Worker leave, benefits and access to healthcare, Environmental, health and safety management, Corporate governance related to disaster preparedness, continuity and contingency planning. 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