Dr. Céline McHugh:

Obviously, there is a role for regulation in business and then there is what the forum is trying to achieve. There is the directive on non-financial reporting, for example. It applies to firms with more than 500 employees. There are guidelines on what they must report in non-financial activities such as board diversity and other such matters. On the whole, the main focus of the CSR stakeholder forum and its activities is on asking businesses to set higher standards for themselves and to inspire others to do the same. That sits with and compliments hard law. There is certainly a role for both.