The International Institute for Sustainable Development (IISD) developed a social taxonomy of business activities. The taxonomy is based on the client country's social and economic development goals. It has two guiding principles and is aligned with international norms and best practices.
Subsequently, these norms and practices became the minimum threshold-level activities for the user of the social taxonomy to assess its levels of contributions. Furthermore, the minimum threshold-level activities were a prerequisite for applying the guiding principles, i.e., promoting overall social well-being and enhancing respect for human rights and company conduct.
IISD added a progressive color-coded system of implementation assessment to help companies comply with domestic law and achieve international good practice at their own pace. Furthermore, the taxonomy provides the dominant sectors in the client country with illustrative qualifying business activities that contribute to the guiding principles.
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