UNITED NATIONS GLOBAL COMPACT (UNGC)
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Context
- Nord Security has joined the United Nations Global Compact (UNGC) community to formalize its commitment to being an active partner when it comes to solving global challenges and achieving Sustainable Development Goals.
UNGC
About
- The United Nations Global Compact is a non-binding United Nations pact to get businesses and firms worldwide to adopt sustainable and socially responsible policies and to report on their implementation.
Genesis
- The UN Global Compact was announced by then-UN Secretary-General Kofi Annan in an address to the World Economic Forum on 31 January 1999, and was officially launched on 26 July 2000.
Headquarters
- New York City
Mandate setter
- The Global Compact Office works on the basis of a mandate set out by the UN General Assembly as an organization that "promotes responsible business practices and UN values among the global business community and the UN System."
Founding Member
- The UN Global Compact is a founding member of
- the United Nations Sustainable Stock Exchanges (SSE) initiative along with the Principles for Responsible Investment (PRI),
- The United Nations Environment Programme Finance Initiative (UNEP-FI), and
- the United Nations Conference on Trade and Development (UNCTAD).
Function
- The organization solicits commitments to specific sustainability and social responsibility goals from CEOs and highest-level executives, and in turn offers training, peer networks, and a functional framework for responsibility.
Members and Participation
- The organization consists of a global agency, and local "networks" or agencies for each participating country.
- Under the Global Compact, companies are brought together with UN agencies, labor groups and civil society. Cities can join the Global Compact through the Cities Programme.
Principles
- The UN Global Compact is a principle-based framework for businesses, stating ten principles in the areas of human rights, labor, the environment and anti-corruption.
- The UN Global Compact was initially launched with the first nine Principles. On 24 June 2004, during the first Global Compact Leaders Summit, Kofi Annan announced the addition of the tenth principle against corruption in accordance with the United Nations Convention Against Corruption adopted in 2003.
Human Rights
- 1 Businesses should support and respect the protection of internationally proclaimed human rights; and
- 2 Make sure that they are not complicit in human rights abuses.
Labour
- 3 Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
- 4 The elimination of all forms of forced and compulsory labour;
- 5 The effective abolition of child labour; and
- 6 The elimination of discrimination in respect of employment and occupation.
Environment
- 7 Businesses should support a precautionary approach to environmental challenges;
- 8 Undertake initiatives to promote greater environmental responsibility; and
- 9 Encourage the development and diffusion of environmentally friendly technologies.
Anti-Corruption
Broader Objective
- The declared objectives of the participants and stakeholders are to "mainstream the ten principles in business activities around the world" and to "catalyze actions in support of broader UN goals, such as the Millennium Development Goals (MDGs) and Sustainable Development Goals (SDGs)".
- The UN Global Compact and its signatories are deeply invested and enthusiastic about supporting work towards the SDGs.
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World Economic Forum The World Economic Forum (WEF) is an international non-governmental and lobbying organization for multinational companies based in Cologny, Canton of Geneva, Switzerland. It was founded on 24 January 1971. |
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PRACTICE QUESTION Q. Consider the following statements: 1. United Nations Global Compact is a binding United Nations pact to get businesses and firms worldwide to adopt sustainable and socially responsible policies and to report on their implementation. 2. The elimination of all forms of forced and compulsory labour; is one of the principles of United Nations Global Compact. 3. The UN Global Compact is a founding member of the United Nations Sustainable Stock Exchanges (SSE) initiative. 4. The Global Compact Office works on the basis of a mandate set out by the UN General Assembly as an organization. Which of the above statements is/are correct? (a) 1 and 3 only (b) 2, 3, and 4 only (c) 3 and 4 only (d) None of the above. Correct Answer: (b) 2, 3, and 4 only |
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