The United Nations Compact Agreement, also known as the Global Compact, is a voluntary initiative launched by the United Nations in 2000. It is a commitment by companies to align their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption.
The Compact aims to promote responsible corporate citizenship and the creation of sustainable markets. It operates on the belief that businesses play a critical role in social and economic development and that responsible business practices are essential to achieving the Sustainable Development Goals set by the UN.
The ten principles of the Compact are based on the Universal Declaration of Human Rights, the International Labour Organization`s Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development, and the United Nations Convention Against Corruption. The ten principles are:
1. Businesses should support and respect the protection of internationally proclaimed human rights.
2. Businesses should make sure that they are not complicit in human rights abuses.
3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.
4. Businesses should uphold the elimination of all forms of forced and compulsory labor.
5. Businesses should uphold the effective abolition of child labor.
6. Businesses should uphold the elimination of discrimination in respect of employment and occupation.
7. Businesses should support a precautionary approach to environmental challenges.
8. Businesses should undertake initiatives to promote greater environmental responsibility.
9. Businesses should encourage the development and diffusion of environmentally friendly technologies.
10. Businesses should work against corruption in all its forms, including extortion and bribery.
Companies that sign on to the Compact commit to reporting on their progress towards integrating these principles into their operations. They also have access to a range of support and resources to help them implement sustainable and socially responsible practices. These include collaboration with other signatories, participation in various events and initiatives, and access to learning and knowledge-sharing opportunities.
The Compact has grown significantly since its launch in 2000 and now has over 12,000 signatories from 160 countries. These signatories include large multinational corporations, small and medium-sized enterprises, non-profit organizations, and academic institutions.
In conclusion, the United Nations Compact Agreement is a voluntary initiative that aims to promote responsible corporate citizenship and sustainability. By aligning their operations with ten universally accepted principles in the areas of human rights, labor, environment, and anti-corruption, companies can help to achieve the Sustainable Development Goals and create a better world for all.