In an address to the World Economic Forum on 31 January 1999, United Nation Secretary-General Kofi Annan challenged business leaders to join an international initiative the Global Compact that would bring companies together with UN agencies, labour and civil society to support universal environmental and social principles. The Global Compact's operational phase was launched at UN Headquarters in New York on 26 July 2000. Today, many hundreds of companies from all regions of the world, international labour and civil society organizations are engaged in the Global Compact, working to advance ten universal principles in the areas of human rights , labour , the environment and anti-corruption . The Global Compact is a direct initiative of the Secretary-General.
Through the power of collective action, the Global Compact seeks to promote responsible corporate citizenship so that business can be part of the solution to the challenges of globalisation. In this way, the private sector in partnership with other social actors can help realize the Secretary-General's vision: a more sustainable and inclusive global economy.
The Global Compact is a purely voluntary initiative with two objectives:
Mainstream the ten principles in business activities around the world
Catalyse actions in support of UN goals.
To achieve these objectives, the Global Compact offers facilitation and engagement through several mechanisms: Policy Dialogues, Learning, Country/Regional Networks, and Projects.
The Global Compact is not a regulatory instrument it does not police, enforce or measure the behavior or actions of companies. Rather, the Global Compact relies on public accountability, transparency and the enlightened self-interest of companies, labour and civil society to initiate and share substantive action in pursuing the principles upon which the Global Compact is based.
The Global Compact is a network. At its core are the Global Compact Office and six UN agencies:
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