The International Organization for Standardization (ISO) is developing an international standard on social responsibility (ISO 26000). The voluntary standard will augment existing public and private initiatives and help organizations address their social responsibilities by:
- Developing an international consensus on what SR means and the SR issues that organizations need to address,
- Providing guidelines on translating principles into effective actions, and
- Distilling the best practice that has already evolved and disseminating it worldwide for the good of the international community.
ISO and the United Nations Global Compact have signed a memorandum of understanding to cooperate on the development of ISO 26000. The reputation and credibility of ISO could encourage organizations to embrace social responsibility and incorporate it in core business strategies. ISO 26000 is currently targeted for publication in late 2008.