Managing multinationals: the governance of investment for the environment

This paper explores the possibilities and limitations of different approaches to the regulation of transnational corporations in a context of globalization. Looking at environmental initiatives in particular, the paper considers the pros and cons of emerging public and private strategies for promoting corporate responsibility from a development perspective. The role of ‘civil regulation’, litigation against companies, and international legal instruments are assessed in this light. It is argued that each of these approaches, while not necessarily complementary, has a role to play in promoting positive investment strategies and deterring irresponsible investment practices in developing countries.