This policy brief outlines the concept of Ethical Business Regulation (EBR), which aims to foster a business culture of mutual engagement, respect, learning, and constant improvement, based on social trust.
In the policy brief, the author, Professor Chris Hodges, develops ideas published by the UK Government as an Annexe to the Review of Ethics for Regulators conducted by the Committee on Standards in Public Life. The concept is based on existing evidence on why people observe or break rules, on how culture can support continuous performance and innovation, and commercial success, and was recently endorsed in the UN's Manual on Consumer Protection.
The policy brief provides an assessment of current examples and empirical evidence of successful applications of EBR in industries including civil aviation, energy, and pharmaceuticals. It develops the concept of an open and just 'no blame' culture, to encourage voluntary reporting of failures to meet regulatory standards and to enable adequate measures to be put in place to address the issue.
The objective is to build on this evidence to enhance business performance in compliance with the values of society, and hence to boost economic growth.
This policy brief, written by Dr Christopher Hodges and Professor Stefan Vogenauer of Oxford University, is published as costs and funding are assuming far greater importance as keys to evaluating and providing access to justice.
The findings were drawn upon by Lord Justice Jackson in his influential Costs Review which recommended moving to American style contingency fees, a recommendation that is widely expected to be implemented by the UK coalition government.
There is a consensus in Europe that collective action mechanisms need to include correct safeguards in order to prevent abuse. This policy brief gives an overview of the main types of safeguards that are found in collective judicial procedures. It draws on extensive research into class action and collective redress laws across the world.
Four consequences need to be understood in forming policy on collective actions:
Drawing on the scientific findings of behavioural psychology research, the authors find that there is little empirical evidence that traditional theories of deterrence affect future business behaviour, and that a collaborative, positive approach between business and regulators is most effective in improving behaviour along ethical lines.
This Policy Brief summarizes the findings of a joint project between Oxford University and the Catholic University of Leuven aimed at evaluating different mechanisms for delivering collective redress. It identifies eleven principles for market regulation, and the three principal goals for collective redress of delivering compensation, affecting the future behaviour of markets, and achieving these goals in a timely and cost-efficient way.