This is strange as previous issues of this World Review have highlighted a variety of reports and arguments suggesting a business case for improved regulation on corporate responsibility while the summer of 2002 witnessed yet another publication which infers a new approach to regulation: Corporate Responsibility and the Competitive Advantage of Nations. 31 Meanwhile, the author of a popular book on this subject called Good Business, Steve Hilton wrote in Ethical Corporation magazine that "by embracing the movement towards a more structured and universal approach to corporate responsibility, the tired mantra that "doing good is good for business" is more likely to become a commercial reality." 32 One wonders whether the consultants commenting on the EC's original green paper had done some reading beforehand.

Moreover, we might question their strategic thinking, as regulation would boost the market for services related to corporate responsibility. Although this is already growing, a new survey by Ernst & Young suggests that it is still only a niche market. They reported "only 11 per cent (companies) have made significant progress in implementing the strategy (CSR) in their organisation." 33 As Andrew Grant, Ernst & Young's Environment and Sustainability Services Principal commented, "While companies recognise the value of an integrated CSR strategy, the majority are failing to maximise the associated business opportunities." 34

Mid-2002, some in industry were already frustrated with their laggard competitors, and supported levelling the regulatory playing field upwards. In London, financier George Soros helped launch "Publish What You Pay", a campaign to make oil and mining companies report the sums they pay to the governments of 'developing' countries. Commenting on this, Hilton said although this "proposal that could be interpreted as an anti-business measure" it is "wholly deserving of corporate support." Some oil corporations told JCC that they support this as it would allow them to behave in a responsible manner, without being penalised relative to "less scrupulous" competitors.

contents © jem bendell, 2002. site design by tim concannon. hosting by futureconsiderations.com.