On June 8, 2023, the OECD released the update of the Guidelines for Multinational Enterprises on Responsible Business Conduct (OECD Guidelines), reviewing the 2011 version to respond to urgent social, environmental and technological priorities facing societies and businesses. Key updates include recommendations for companies to align with internationally agreed goals on climate change and biodiversity, expanded due diligence recommendations to all forms of corruption and recommendations on disclosure of responsible business conduct information.
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Landmark settlement: ANZ bank compensating displaced Cambodian farmers by a client’s project it financed
The settlement reached in February 2020 by Equitable Cambodia and Inclusive Development International on behalf of Cambodian victims and ANZ bank, under the auspices of the Australian National Contact Point (AusNCP) is the first of its kind for the global banking industry.
In a joint statement published on 27 February 2020, “ANZ recognises the continuing hardships faced by the affected communities, and has agreed to pay the profit it earned from the loan, to the affected communities”.
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