ABSTRACT
By examining the nature of voluntary codes of conduct, evaluating their legacy and considering their enforcement, particularly in traditional legal venues, the chapter determines whether voluntary codes can in fact serve these goals. To properly understand the potential of voluntary codes, we must understand how they fit into state regulatory initiatives. Voluntary codes can be used as adjuncts to existing legal schemes, as substitutes for statutory law, or as a source of interstitial detail in a legal regime. A wide range of parties issue voluntary corporate codes: corporations, business associations, NGOs, trade unions and international organisations with by far the majority of codes issued by companies and business associations. Three primary indicators are critical to evaluating the past experience and future utility of voluntary codes of conduct. These are their accountability and efficacy, transparency and finally role in national and international governance.
