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This article demonstrates that transnational collective bargaining within a company is no longer tied to the drafting of negotiated ethical charters but is rather more connected to the business-wide policies of multinational groups on the matter of corporate social responsibility. Company management has become more of an active instigator of negotiations, and the agreements signed are used as regulatory instruments between the group and its subsidiaries. The increasingly sophisticated content of the agreements, the broadening of their scope and the introduction of monitoring procedures are indicative of this shift and call for the use of the term “global company agreements.” Through a reconstruction of the process of (re)negotiation in three big French companies, this article identifies two new rationales at work – constitutional and instrumental – each representative of a distancing from the hitherto pervasive bottom-up rationale of international framework agreements.