Corporate Compliance Insights – Conventional wisdom in the West suggests that labor and ethical standards are problems, but not evident in our region. However, this simply is not the case.
JP Stevenson of business assurance and ESG services provider LQRA argues that even though Eastern production hubs such as China, Bangladesh, and Vietnam are perceived as having greater ethical and labor standards than Europe and North America, his company has compiled data that says otherwise. In fact, last year the U.S. showed a decrease in every key labor index—including forced labor and child labor—with countries in the EU close behind. Stevenson identifies the reasons for these declining ratings, how practices in Western countries are affecting suppliers in other nations, and ways to address these problems. He concludes, “It is only through responsible sourcing programs and insightful, quality data that organizations can start to truly mitigate ESG risk and continue to meet both customer and investor expectations.”
Source:
- Corporate Compliance Insights: Shattering the Complacency of Western Compliance
