Corporate Self-Regulation signifies a company’s voluntary commitment to ethical conduct and impact management beyond legal requirements.

I admit it’s not an authoritative source, but it demonstrates that the usage you are claiming doesn’t exist does in fact exist, at least to some extent. While your definition may well be what it means in certain limited contexts, it’s very obviously not the sense OP was using.

E: https://en.wikipedia.org/wiki/Industry_self-regulation