United Kingdom – Corporate Law & Corporate Governance

The UK 2013 NAP provides in the section detailing The existing UK legal and policy framework that [page 9]:

“The UK has created or endorsed a number of instruments that motivate different aspects of good corporate behaviour and respect for human rights. These include:

• the UK Bribery Act where, in line with our OECD commitments, UK companies are now liable in the UK for acts of bribery committed anywhere in the world;
• the Declaration on Fundamental Principles and Rights at Work adopted in 1998 and the 8 core ILO Conventions ratified by the UK on labour standards;
• the OECD Guidelines for Multinational Enterprises, where the UK is generally recognised as having one of the most effective National Contact Points;
• Section 172 of the Companies Act 2006, which makes it clear that, in fulfilling their duty to act in a way which they consider would be most likely to promote the success of the company, directors must think about matters which might have a bearing on that success, including the interests of the company’s employees and the impact on the community of the company’s operations.