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7 - Implementing the United Nations Global Compact

Published online by Cambridge University Press:  05 February 2012

Carolyn Y. Woo
Affiliation:
University of Notre Dame
Andreas Rasche
Affiliation:
University of Warwick
Georg Kell
Affiliation:
United Nations Global Compact Office
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Summary

Introduction

In 1999, then-UN Secretary-General Kofi Annan addressed the World Economic Forum in Davos, Switzerland, and from his words was born the concept of collaboration between the United Nations and the private sector in the United Nations Global Compact (Global Compact 2009b). This invitation urged corporations to abide by ten Principles pertaining to human rights, labour rights, environmental sustainability and anti-corruption. This would be a transnational, voluntary engagement whereby signatory companies would embrace and advance these principles in their strategies and operations. Accountability would be sought through self-reporting or through Communication on Progress (COP) reports made available to the public.

With full support, Secretary-General Ban Ki-moon has continued to advocate the importance of the United Nations Global Compact's role in promoting Corporate Social Responsibility (CSR). In his remarks to the Korean Global Compact Local Network (GCLN) in 2008, Ban asserted:

In the end, the United Nations Global Compact is not only about the moral imperative to treat workers well, to respect human rights and to embrace transparency and good governance as guiding principles. It is also about the business case: attracting skilled workers; saving costs; enhancing productivity; creating trust; and building brands. By implementing corporate practices which respect the Compact's 10 principles, you can create sustainable value and benefits for your companies, workers, communities and society at large … Taking steps to address climate change, uphold workforce standards, or achieve higher levels of corporate accountability is not just about the financial success of companies or rewards from the market. […]

Type
Chapter
Information
The United Nations Global Compact
Achievements, Trends and Challenges
, pp. 115 - 143
Publisher: Cambridge University Press
Print publication year: 2010

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