“Globalization offers advantages from which every people on the planet must be able to benefit.” This observation prompted UN Secretary General Kofi Annan to launch Global Compact in July 2000.
This worldwide pact convenes companies together with UN agencies and civil society to support fundamental values, expressed in 10 principles.
Some 5,000 participants, including 3,700 member enterprises, have committed to “embracing, promoting and enforcing” these 10 principles. By signing the pact, participants commit to give due consideration to sustainable and responsible development in the exercise of their activities.
The 10 principles of Global Compact cover four areas:
- Human rights. The signatory enterprises agree to promote and respect human rights in their sphere of influence and to make sure they are not complicit in human rights abuses.
- Labor. Companies are invited to uphold the freedom of association and the effective recognition of the right to collective bargaining, to support the elimination of all forms of forced and compulsory labor, to support the effective abolition of child labor and to eliminate discrimination in respect of employment and occupation.
- Environment. Companies are invited to support a precautionary approach to environmental challenges, to undertake initiatives to promote greater environmental responsibility and encourage the development and diffusion of environmentally friendly technologies.
- Anti-corruption. Companies are invited to work against corruption in all its forms, including extortion and bribery.