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The GFTN Guide to Legal and Responsible Sourcing

2.1 Setting the Bar

The initial review should identify what the expectations are of the organization from a variety of view points. To establish these expectations, at least five things must be considered:

  1. Regulation in the markets where the company operates
  2. The standards of best practice within the industry or sector;
  3. Stakeholder expectations of the organization, these can be internal as well as external;
  4. Any other relevant requirements or guidelines (e.g., Trade Association Codes of Conduct or the GFTN Participation Rules)
  5. An appreciation of the principles of due diligence and the standards expected in the operating environment

Once this information has been collected, it will be possible to define what needs to be achieved in terms of overall targets, policies and processes.

The review should include analyzing the expectations of the following stakeholder groups:

  • Customers
  • Investors
  • Regulators / legislators and enforcement agencies
  • Staff/colleagues
  • Competitors
  • Non-governmental organizations (NGOs) & wider civil society

From this investigation, a set of draft policies that reflect the sourcing organization's values and stakeholder expectations can then be developed. These can be formalized through senior management support.


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