ABSTRACT
Traditionally, international law was concerned with providing a legal foundation for the orderly management of international relations or, more precisely, interstate relations. Multinational corporations (MNCs) are major actors and important players on the international plane, playing a key role as the leading drivers of international trade and investment. The growth of MNC business operations has been accompanied by an increase in activities that occasion harm to individuals and communities or frustrate the realization of international legal objectives. A major response to corporate human rights abuse was drafting and adopting in August 2003 a set of norms to govern business conduct. A variety of voluntary initiatives exist to regulate corporate behavior and make it more amenable to societal interests and expectations. Some of these initiatives emanate from individual companies or are generated by external governmental and nongovernmental interests. This chapter discusses self-regulation, intergovernmental approaches, and multi-stakeholder initiatives.
