Accountability of transnational corporations in the developing world: the case for an enforceable international mechanism

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Accountability of transnational corporations in the developing world : the case for an enforceable international mechanism. / Omoteso, Kamil; Yusuf, Hakeem.

In: Critical Perspectives on International Business, Vol. 13, No. 1, 06.03.2017, p. 54-71.

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@article{92e79c5347c0473c92e229018ab7ffa0,
title = "Accountability of transnational corporations in the developing world: the case for an enforceable international mechanism",
abstract = "Purpose: This paper contends that the dominant voluntarism approach to the accountability of Transnational Corporations (TNCs) is inadequate and not fit-for-purpose. It argues for the establishment of an international legal mechanism for securing the accountability of TNCs particularly in the context of developing countries with notoriously weak governance mechanisms to protect all relevant stakeholders. Design/methodology/approach: The study adopts insights from the fields of management and international law to draw out synergies from particular understandings of corporate governance, corporate social responsibility and international human rights. The governance challenges in developing countries with regard to securing the accountability of TNCs is illustrated with the Nigerian experience of oil-industry legislation reform. Findings: The specific context of the experiences of developing countries in Africa on the operations of TNCs particularly commends the need and expedience to create an international legal regime for ensuring the accountability of TNCs. Originality/value: Mainstream research in this area has focused mainly on self and voluntary models of regulation and accountability that have privileged the legal fiction of the corporate status of TNCs. This article departs from that model to argue for an enforceable model of TNC accountability based on an international mechanism.",
keywords = "Transnational companies , International Criminal Court, Corporate and social responsibility, Corporate governance, Accountability",
author = "Kamil Omoteso and Hakeem Yusuf",
year = "2017",
month = mar,
day = "6",
doi = "10.1108/cpoib-08-2014-0040",
language = "English",
volume = "13",
pages = "54--71",
journal = "Critical Perspectives on International Business",
issn = "1742-2043",
publisher = "Emerald",
number = "1",

}

RIS

TY - JOUR

T1 - Accountability of transnational corporations in the developing world

T2 - the case for an enforceable international mechanism

AU - Omoteso, Kamil

AU - Yusuf, Hakeem

PY - 2017/3/6

Y1 - 2017/3/6

N2 - Purpose: This paper contends that the dominant voluntarism approach to the accountability of Transnational Corporations (TNCs) is inadequate and not fit-for-purpose. It argues for the establishment of an international legal mechanism for securing the accountability of TNCs particularly in the context of developing countries with notoriously weak governance mechanisms to protect all relevant stakeholders. Design/methodology/approach: The study adopts insights from the fields of management and international law to draw out synergies from particular understandings of corporate governance, corporate social responsibility and international human rights. The governance challenges in developing countries with regard to securing the accountability of TNCs is illustrated with the Nigerian experience of oil-industry legislation reform. Findings: The specific context of the experiences of developing countries in Africa on the operations of TNCs particularly commends the need and expedience to create an international legal regime for ensuring the accountability of TNCs. Originality/value: Mainstream research in this area has focused mainly on self and voluntary models of regulation and accountability that have privileged the legal fiction of the corporate status of TNCs. This article departs from that model to argue for an enforceable model of TNC accountability based on an international mechanism.

AB - Purpose: This paper contends that the dominant voluntarism approach to the accountability of Transnational Corporations (TNCs) is inadequate and not fit-for-purpose. It argues for the establishment of an international legal mechanism for securing the accountability of TNCs particularly in the context of developing countries with notoriously weak governance mechanisms to protect all relevant stakeholders. Design/methodology/approach: The study adopts insights from the fields of management and international law to draw out synergies from particular understandings of corporate governance, corporate social responsibility and international human rights. The governance challenges in developing countries with regard to securing the accountability of TNCs is illustrated with the Nigerian experience of oil-industry legislation reform. Findings: The specific context of the experiences of developing countries in Africa on the operations of TNCs particularly commends the need and expedience to create an international legal regime for ensuring the accountability of TNCs. Originality/value: Mainstream research in this area has focused mainly on self and voluntary models of regulation and accountability that have privileged the legal fiction of the corporate status of TNCs. This article departs from that model to argue for an enforceable model of TNC accountability based on an international mechanism.

KW - Transnational companies

KW - International Criminal Court

KW - Corporate and social responsibility

KW - Corporate governance

KW - Accountability

U2 - 10.1108/cpoib-08-2014-0040

DO - 10.1108/cpoib-08-2014-0040

M3 - Article

VL - 13

SP - 54

EP - 71

JO - Critical Perspectives on International Business

JF - Critical Perspectives on International Business

SN - 1742-2043

IS - 1

ER -