Voluntary Codes in CSR

Apart from government regulations, to develop sustainable business practices, which create
both shareholder and societal value, there are various voluntary codes, which
are formulated by international NGOs, business associations and UN agencies to
guide businesses towards developing responsible practices.

“A voluntary code  of conduct is an important element of corporate social responsibility
commitments on the part of businesses. The objective of the creation of
voluntary codes of conduct for companies is to establish public trust in their
business practices by demonstrating commitment and efforts to meet the type of
behavior that corresponds to societal expectations.”