The Asian Pacific Economic Cooperation Forum Business Code of Conduct

Origin. The Asia Pacific Economic Cooperation (APEC) forum Business Code of Conduct resulted from a process initiated at the 1999 APEC CEO Summit in Auckland, New Zealand.

Purpose: The APEC Business Code draws explicitly upon other sources – for example, the Caux Round Table Principles for Business and the OECD Guidelines for Corporate Governance – to create a model code a company can use to supplement or strengthen its own code of conduct.   The Business Code is intended to (1) encourage corporate transparency and predictability, (2) challenge APEC governments to maintain their commitment to enhanced transparency and predictability within the public sector, and (3) develop a better match between business practice and public expectations.  

Critical Content. The Business Code articulates seven standards for corporate conduct:  

1. International and Local Communities – A company must recognize its responsibilities toward the international and local communities within which it operates and the individuals that make up those communities;  
   
2. Respect for Laws – A company must respect international and domestic rules and recognize that some behavior, although legal, may still have adverse consequences;  
3. Stakeholder Responsibility – A company must recognize the rights of stakeholders as established by laws and encourage active co-operation between companies and stakeholders in creating wealth, jobs, and the sustainability of financially sound enterprises;  
   
4. Responsibility for the Environment – A company must protect and, where possible, improve the environment within which it operates, promote sustainable development and prevent the wasteful use of natural resources; 
5. Free and Fair Competition - A company must support free and fair competition in our industries and avoid anti-competitive actions;
6. Company Governance - A company should implement a company governance framework that ensures timely and accurate disclosure on all material matters regarding the company;
7. Illicit Actions - A company must not participate in or condone extortion, bribery, money laundering, or other corrupt practices. 

Implementation. While intended to supplement company codes of conduct, it is expected that the CEO of any enterprise using the APEC Business Code would sign the Code and formally agree to uphold the moral obligations it expresses.  

This code is currently not available online.  We will provide a URL as it becomes available.

25. April 2003