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United Nations Compact for a New Century
The UN Global Compact (UNGC) is a strategic policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labor, environment and anti-corruption (United Nations, 2010). The framework was developed to help international organizations develop responsible corporate leadership and implement policies that are favorable to the world's population. The UNGC brings business leaders together with other institutions to hold conferences, discuss best practices, and finds ways to promote responsible corporate citizenship (Janney, Dess, and Forloni, 2009). The UNGC was launched in July 2000 and has 6,000 participating businesses in 130 countries worldwide (United Nations, 2010). The Compact has had a positive effect on international businesses and in developing countries.
The UNGC is both voluntary and visible; firms who join it are publicly pledging support to the values that the UNGC sets forth and member firms must regularly publish a Communication on Progress (COP) report (Janney, Dess, and Forloni, 2009). The COP requires firms to self-audit their progress toward supporting each of the 10 principles (Rothlin, 2010). The COP represents a commitment by companies to transact business in a transparent and accountabile manner. Failing to publish a COP can cause a firm's status to be listed as inactive, forbidding them from using the trademarks and affiliations of the UNGC (Janney, Dess, and Forloni, 2009).
One of the goals of the UNGC is for businesses to be self-governing, which will benefit other stakeholders...
By voluntarily ascribing to the UNGC, firms may be able to convince stakeholders that more stringent and costly laws are unnecessary (Janney, Dess, and Forloni, 2009). Many regulatory groups place demands on shareholders for transparency and accountability about topics related to the UNGC, such as environmental concerns (Janney, Dess, and Forloni, 2009). A company that joins the UNGC has the advantage of having the transparency desired by the various stakeholders by filing it's COP.
An example of how the UNGC has been positively implemented by a company is that of ZTE Corporation. ZTE Corporation, a Chinese company and leading global provider of telecommunications equipment and network solutions is a member of the UNGC (ZTE, 2009). In support of the global campaign to protect the environment and conserve energy, ZTE has conducts R&D initiatives to develop green solutions and has been recognized and rewarded by many organizations for its efforts (ZTE, 2009). Over the years, ZTE has actively participated in public welfare activities worldwide, including natural disaster relief and educational aid programs (ZTE, 2009). This shows the positive effect that UNGC membership has had on businesses in China.
Although the primary obligation for human rights is with governments, globalization results in a number of challenges and opportunities that make it clear that businesses may have significant impact on human rights (Buhmann, 2009). Even though primary duties for human rights rest with governments, the economic, social and political power of business in today's world and in many countries, particularly in…
References
Buhmann, K. (2009). Regulating Corporate Social and Human Rights Responsibilities at the UN Plane: Institutionalizing New Forms of Law and Law-making Approaches?. Nordic Journal of International Law, 78(1), 1-52. doi:10.1163/157181009X39706
Janney, J., Dess, G., & Forlani, V.. (2009). Glass Houses? Market Reactions to Firms Joining the UN Global Compact. Journal of Business Ethics, 90(3), 407-423. Retrieved January 14, 2011, from ABI/INFORM Global. (Document ID: 1913178601).
Rothlin, S.. (2010). TOWARDS A SOCIALLY RESPONSIBLE CHINA: A PRELIMINARY INVESTIGATION OF THE IMPLEMENTATION OF THE GLOBAL COMPACT. Journal of International Business Ethics, 3(1), 3-13. Retrieved January 14, 2011, from ABI/INFORM Global. (Document ID: 2145765751).
The United Nations Global Compact. (2010 November 23). Overview of the UN Global Compact. Retrieved from http://www.unglobalcompact.org/AboutTheGC/
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