Business Ethics and Corporate Governance, Second Edition

GLOBAL COMPACT

Kofi Annan, the United Nations’ Secretary General, presented to the World Economic Forum at Davos on 31 January 1999 his proposal for a ‘Global Compact’. On 26 July 2000, Kofi Annan’s vision was put into action. Global Compact is a worldwide initiative under the aegis of the UN to make corporate social responsibility an area (CSR) of paramount importance to business. The Global Compact conists of 10 principles concerning issues of human rights, labour standards, environment and anti-corruption (Box 12.4).

‘The Global Compact is a voluntary initiative that seeks to advance universal principles on human rights, labour, environment and anti-corruption through the active engagement of the corporate community in cooperation with civil ...