Many companies in Canada are hoping to expand their ventures outside the border and into other economies such as the U.S. and in parts of Europe. Even if they are functioning outside of Canada, these companies are under the close watch of Global Affairs Canada. They are even expected to follow a few codes for Social Corporate Responsibility (CSR) in the form of the Responsible Business Conduct (RBC).
According to Global Affairs Canada, responsible investment and business operations allow companies to promote the nation’s values globally. By adhering to the set standards, these companies will be able to increase their businesses’ chances for success, and they will also help improve the broad-based economic benefits for the regions they function in.
To further support Canadian-companies abroad, the government conducts RBC-related guidance with the help of embassies. Global Affairs Canada alone provides funding for at least 50 projects and initiatives around the world every year. These ensure that although the companies are far from home, they are able to understand the responsibilities set before them.
Guidelines on responsible mining
The RBC includes provisions for specific issues. One sector that it has a huge concern over is Canada’s extractive sector which includes mining of oil, gas and minerals. This sector plays a big role in Canada’s economy and companies are expected to adopt environment-friendly practices in the countries they are working in.
Canada also has standards that help improve the transparency and accountability of the extractive sector. These are enforced thanks to the Extractive Sector Transparency Measures Act signed on June 1, 2015. The act basically requires Canadian mining companies to publicly disclose the transactions they make in Canada and abroad.
Guidelines on corruption and bribery
The Government of Canada also has strict policies that help promote the Anti-Corruption and Anti-Bribery Efforts of the nation. The provisions were introduced under the Corruption of Foreign Public Official Act (CFPOA) signed on Feb. 14, 1999. The key law in the act makes the bribing of a foreign public official under the context of business transactions a criminal offense.
The law was further strengthened in June 2013 when the CFPOA was tasked to increase the maximum penalty for those guilty of the crime. Additionally, the CFPOA also documented offenses and expanded the jurisdiction per nationality. Then on October 31, 2017, the CFPOA removed facilitation payments from the list of exemptions, thus making it a criminal offense.
The RBC serves as a catalyst for the growth of abroad-based Canadian companies. These can also help promote the values of Canada as well. If companies continue to adhere to these standards, then Canada will be able to further increase its relations to other nations.