The greatest challenge to the corporate world today is to conduct its operations in a manner consistent with the values of society.

That these values exist – as encapsulated in the United Nations International Bill of Rights and allied instruments – is not in question. The question is how to encourage and, where necessary, enforce conformity with them.

The debate has long been mired in controversy between the proponents of voluntary and mandatory measures, though history shows that voluntarism has never worked and that the law on its own is inadequate to control so protean an activity as business.

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