The Role of Transnational Corporations in Achieving the Goals of the G8: Engagement of the Private Sector into the Global Governance Framework
A. Settles, Professor, Faculty of Management, Deputy-Director of the Corporate Governance Centre of the State University-Higher School of Economics
The paper was prepared for the international seminar “From Heiligendamm to Toyako Summit and Beyond: Priorities for the Future Agenda and Options for Reform” organized by the International Organizations Research Institute of State University Higher School of Economics, which was held on 15-16 May 2008. It looks into the role of transnational corporations in global governance system. Today transnational corporations began to realize that pollution, climate, poverty and negative effects of globalization may effect their bottom line and therefore try to be involved into decision-making process, rule setting and implementation of solutions. According to A. Settles, the realization of the fact that corporations must be part of the solution to global governance challenges has been translated into participation of these corporation in the efforts of multilateral organizations as well as action to comply with commitment to corporate social responsibility. A. Settles outlines engagement of transnational corporations into the G8 process through participation in G8 Business Summits, investments and implementation of G8 commitments. In conclusion the author emphasizes that business leaders are slow and weak in dealing with the global problems, so the fact that G8 remains government centric is significant.