Public opinion surveys consistently show that the majority of people in many countries believe that corporations should abide by recognised standards in business ethics, human rights, labour practices and environmental impacts. Reliance on voluntary codes has not been effective. The debate is now moving towards the development of more effective regulatory frameworks. This article argues for a multi-layered regulatory approach at national and international levels, using examples from the debate in Australia over three issues: the 1998 draft Multilateral Agreement on Investment; the experience in Australia of international and company voluntary codes; and the debate over a national regulatory initiative (the Corporate Code of Conduct Bill) introduced into the Australian Commonwealth Parliament in 2000-2001.
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