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Guyanese companies lag in adopting Responsible Business Conduct –US
By Kiana Wilburg
When compared to Responsible Business Conduct (RBC) norms in North America and Europe, Guyana-based businesses lag in adopting RBC policies and activities. This was recently noted by the US Department, specifically its Bureau of Economic and Business Affairs.
In one of its special reports, the Department explained that RBC entails conduct consistent with applicable laws and internationally recognized standards. It said that the concept focuses on two aspects of the business-society relationship.
The Department explained these to be positive contribution businesses make to sustainable development and inclusive growth, and avoiding negative impacts and addressing them when they do occur. The Department stressed that risk-based due diligence and value creation are at the heart of this process.
The Department said that while many businesses engage in charitable acts, the totality of these deeds does not constitute good RBC practices. In fact, the US Department said that Guyanese consumers generally are not aware of RBC principles and do not demand them from local businesses they patronize.
It said that the Guyana government has expressed the hope that large multinational companies will lead the way on RBC practices, setting an example for smaller local firms to follow, particularly in the extractive industries sector.
With Guyana’s major petroleum discovery, and anticipated production, the US Department noted that Guyana joined the Extractive Industries Transparency Initiative (EITI) as a candidate country in October 2017. The Department notes that EITI will assist in helping businesses in the extractive industry follow some fundamental aspects of RBC.
GUYANA/ EITI HISTORY
EITI is an international body that was established in 2003 with the aim of making it harder for governments and companies to hide the truth about the proceeds garnered from the extractive industries.
The companies in the extractive sector report on what they are paying the government and the government reports separately on what it received from the companies in the sector.
A report is then prepared by a Multi-Stakeholder Group. The document, among other things, will highlight whether the numbers data collected from the two add up or if there is an irregularity.
Head of the local EITI Chapter, Mr. Rudy Jadoopat, told this newspaper that Guyana must be praised for its efforts in recent years, which were all geared towards satisfying the EITI candidate sign-up requirements.
The official noted that the Government of Guyana had announced its commitment to implement the EITI Standards since May 2010. He noted that Guyana and EITI even signed a Memorandum of Understanding in 2012, which paved the way for Guyana to be assisted with its preparation of EITI candidacy.
He noted that the Inter-American Development Bank (IDB), the World Bank and the Carter Center provided assistance to the Government and supported its efforts towards EITI candidacy. Jadoopat said it is expected that this will continue.
Jadoopat added that the government, as stipulated in the International EITI Standard 1.4, has committed to working with Civil Society and Companies.
He said, “It has unequivocally and boldly announced its commitment to work with civil society and companies. Also, the government has agreed to ensure that there are no obstacles to civil society’s participation in the EITI processes. It agreed to refrain from actions which may result in narrowing of, or restricting public debate in relation to the EITI implementation.”
Jadoopat took the opportunity to encourage all to consider it their civilian duty to actively participate in the activities and work of the GYEITI.
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