In January, CREATe.org hosted a series of Corporate Roundtable sessions with representatives from multinational corporations (MNCs) in Chicago, Los Angeles and New York. The goal of these sessions was to identify the levers that multinational companies could utilize in order to enhance responsible business practices and to reinforce the rules-based trading system essential to long-term, sustainable economic growth. It was also an opportunity for companies to share the various challenges they are facing. Today, multinational corporations (MNCs) lose $250 billion annually in Intellectual Property (IP)* theft in the form of counterfeit and pirated products. A staggering 61% of supply chain managers view corruption as the most significant risk to their businesses.
Among other areas, CREATe.org is focused on helping MNCs establish guiding principles and identify best practices to promote respect for intellectual property rights and zero tolerance for corruption in their global supply chains and business networks. CREATe.org will be hosting similar roundtable discussions in Tokyo, Paris and Berlin next month.
A diverse group of industries was represented at these roundtables with participants from a range of disciplines. Among participants, there was broad agreement that promoting respect for intellectual property and combatting corruption are worthwhile goals that reflect common values. There was also consensus on the need for MNCs to more actively engage with their supply chains on these issues.
These Corporate Roundtables are just one of the many ways CREATe.org plans to engage stakeholders in the coming months. Also on the horizon are efforts to develop compliance tools and resources for MNCs to engage with their suppliers. To learn more or to join our effort, please contact us at email@example.com.
*Organization for Economic Co-operation and Development (OECD), Magnitude of Counterfeiting and Piracy of Tangible Products: An Update November 2009