Final answer:
Both the UN Global Compact and the OECD support businesses in abolishing child labor, combatting bribery, and fighting corruption. These organizations promote responsible business conduct through self-regulation aligned with principles on human rights, the environment, and anti-corruption efforts that contribute to sustainable development.
Step-by-step explanation:
From the United Nations Global Compact and the Organisation for Economic Co-operation and Development (OECD) perspectives, the option that businesses should follow is to abolish child labor, combat bribery, and fight corruption. Both organizations advocate for principles that promote human rights, environmental stewardship, and anti-corruption practices.
The Global Compact specifically requests businesses to adhere to its ten principles, which encompass issues regarding human rights, labor standards, the environment, and anti-corruption. It encourages businesses to act responsibly by aligning their strategies and operations with these principles and to take actions that advance societal goals, such as the UN Sustainable Development Goals (SDGs).
Similarly, the OECD provides guidelines for multinational enterprises that promote responsible business conduct in a global context, which includes recommendations for combatting bribery and corruption. These guidelines resonate with the principles of the Global Compact. Therefore, corporations are encouraged to self-regulate and to implement ethical practices that contribute to economic, environmental, and social progress with a view to achieving sustainable development.