Topic 3

International Labour Organization

ILO: A UN agency that sets international labor standards, promotes decent work conditions, and protects workers’ rights worldwide.

• founded 1919 under the League of Nations (one of the first and oldest specialised agencies of the UN)

World Bank

A global financial institution that provides funding, policy advice, and technical assistance to developing countries to reduce poverty and promote economic development.

OECD

Organisation for Economic Cooperation and Development (1961, 38 MS):

An intergovernmental organisation that promotes economic growth, trade, and policy coordination among developed nations.

International public goods

Goods and services that benefit multiple countries and cannot be limited to specific users; such as environmental protection, global security, disease control. Pure international public goods are non-rivalrous (non depletable) and non-excludable (impossible to prevent consumption).

economies of scale

Cost advantages that arise when production increases, leading to lower per-unit costs due to factors like bulk purchasing, specialization, and technological efficiencies.

bureacracy

A structured system of administration within governments or organizations, characterized by hierarchical authority, formal rules, and procedures.

shared competence & social rights

SC: A governance principle in the EU where both the EU and its MS have the authority to legislate and implement policies in certain areas, such as the internal market and environmental policy.

SR: Fundamental rights related to living standards and well-being, including access to healthcare, education, fair working conditions, and social protection.

EU Charter of Fundamental Rights

A legally binding document outlining fundamental civil, political, economic, and social rights for EU citizens and residents.

OMC

Open Method of Coordination:

A voluntary and non-binding EU governance tool used to coordinate policies among MS through guidelines, best practices, and peer reviews.

European Semester / Europe 2020

Introduced in 2011

The European Semester is an annual cycle of economic and fiscal policy coordination within the EU. Europe 2020 was the EU’s strategy for sustainable and inclusive growth between 2010 and 2020.

corporate sustainability due dilligence

A legal and ethical framework requiring companies to assess and address environmental, social, and human rights impacts within their operations and supply chains.

Duties for the Directors:

• Setting up and overseeing the implementation of the due dilligence processes

• integrating due dilligence into the corporate strategy

• Take into account

  • human rights

  • climate change

  • environmental consequences