On 19 January 2015, the UN Global Compact - the world’s largest corporate sustainability initiative - released the Guide to Corporate Sustainability: Shaping a Sustainable Future. With this new Guide, Global Compact asks businesses to align to five defining principles of corporate sustainability.
Nowadays, companies have to work responsibly to ensure that markets deliver value across society. To be sustainable, companies must do five things:
Principled Business: sustainability must be founded on respect of fundamental responsibilities in the areas of human rights, labour, environment and anti-corruption.
According to point called Strengthening Society, companies know that they cannot succeed if the world around them is struggling. They need to take action to support their society, for poverty, conflict, and resource scarcity affect business.
Leadership Commitment speaks about participation in the Global Compact as a public commitment by the chief executives and the Board of Directors which is required. Leadership includes prompting action in fundamental areas, such as pushing sustainability into the supply chain, and adjustments to policies and practices.
Reporting Progress: on an annual basis, Global Compact participant shall deliver a Communication on Progress (COP), reporting their efforts regarding responsible operations and support towards society.
Local Action: the meaning of responsible business can vary among nations and communities in which companies act. For this reason, Global Compact Local Networks supports its participants in furthering sustainability understanding country by country.
The gLAWcal Team
Thursday, 19 February 2015
(Source: UN Global Compact)