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The law additionally gives civil society organisations the ability to sue companies on behalf of workers over breaches of human rights in supply chains. Companies that fail to respect the terms of the law can face fines of up to two percent of the company's annual revenues.
The Ethical Supply Chain Program, is the ethical manufacturing program for the manufacturing industry. [3] The Ethical Supply Chain Program (ESCP) is the most widespread labor and social standard, applicable to all manufacturing industries. The program is based on the ICTI Code of Business Practices. It is estimated that 70% of global toy sales ...
It is a governing system of rules, structures and institutions that guide, control, and lead supply chains, through policies and regulations, with the goal of creating greater efficiency. [1] Governing systems are put into place by different actors, such as international organizations and individual firms, within the global supply chain. [ 2 ]
In addition to the traditional environmental 'green' sustainability concerns, business ethics practices have expanded to include social sustainability. Social sustainability focuses on issues related to human capital in the business supply chain, such as worker's rights, working conditions, child labor, and human trafficking. [211]
The Council of Supply Chain Management Professionals' (CSCMP) Supply Chain Process Standards present an outline or framework for managing processes which are typically found to be involved in performing supply chain related activities, and a set of standardised activities described in two levels of maturity - the "suggested minimum" and "best practice" for each process.
Governmental and non-governmental organizations play a key role in the field as they create and enforce laws or regulations which companies must abide by. [3] These regulatory policies often regulate social issues that pertain to the implementation and operation of a global supply chain (e.g. labour, environmental, etc.). These regulatory ...
Beyond design and maintenance of a supply chain itself, supply chain professionals participate in aspects of business that have a bearing on supply chains, such as sales forecasting, quality management, strategy development, customer service, and systems analysis. Production of a good may evolve over time, rendering an existing supply chain ...
Dumping, also known as predatory pricing, is a commercial strategy for which a company sells a product at an aggressively low price in a competitive market at a loss.A company with large market share and the ability to temporarily sacrifice selling a product or service at below average cost can drive competitors out of the market, [1] after which the company would be free to raise prices for a ...