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How will it work?
A ‘Comply or Explain’ reporting philosophy – often used in
governance and corporate responsibility Codes
Companies and organisations adopting the code must comply
with its principles…or …explain if they do not, why not
They report how they comply, usually in Annual and Social
reports or statements and on their website
The Code will be ‘owned’ by an international, multi-stakeholder
body (to be created)
Compliance criteria and guidance are devised by a multistakeholder
panel
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In summary
A voluntary, principles-based Code for business
With examples of how organisations may comply
Designed to have International application
Not intended to supplant or delay effective and
appropriate legislation
Monitoring and compliance of the Code through ‘comply
or explain’ governance structure