Commentary Ch. II Paragraph 12

An increasing network of non-governmental self-regulatory instruments and actions address aspects of corporate behaviour and the relationships between business and society. Interesting developments in this regard are being undertaken in the financial sector. Enterprises recognise that theiractivities often have social and environmental implications. The institution of self-regulatory practices and management systems and participation in related multi-stakeholder initiatives by enterprises sensitive to reaching these goals – thereby contributing to sustainable development – is an illustration of this. Self-regulatory practices and multi-stakeholder initiatives should be credible and transparent. Where such initiatives are focused on responsible business conduct due diligence, alignment with relevant international standards such as the Guidelines can foster greater effectiveness while reducing complexity and cost for businesses engaged in such initiatives. In turn, developing such practices can further constructive relationships between enterprises and the societies in which they operate. Although enterprises can collaborate at an industry or multistakeholder level, they remain individually responsible for ensuring that their due diligence is carried out effectively.