UN Global Compact Participation 2008-01-30Hit:7206
KAIST Business School participates in the UN Global Compact for the first time in Korea. The Global Compact is a framework for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, the environment and anti-corruption. As the world’s largest and global corporate citizenship initiative, the Global Compact is first and foremost concerned with exhibiting and building the social legitimacy of business and markets. Business, trade, and investment are essential pillars for prosperity and peace. But in many areas, business is too often linked with serious dilemmas; for example, exploitative practices, corruption, income equality, and barriers that discourage innovation and entrepreneurship. Responsible business practices can in many ways build trust and social capital, contributing to broad-based development and sustainable markets. 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 broader UN goals, such as the Millennium Development Goals (MDGs) To achieve these objectives, the Global Compact offers facilitation and engagement through several mechanisms: Policy Dialogues, Learning, Local Networks, and Partnership 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: - Office of the High Commissioner for Human Rights - United Nations Environment Programme - International Labour Organization - United Nations Development Programme - United Nations Industrial Development Organization - United Nations Office on Drugs and Crime The Global Compact involves all the relevant social actors: governments, who defined the principles on which the initiative is based; companies, whose actions it seeks to influence; labour, in whose hands the concrete process of global production takes place; civil society organizations, representing the wider community of stakeholders; and The United Nations, the world’s only truly global political forum, as an authoritative convener and facilitator. Why Participate There are numerous benefits to participating in the Global Compact. These include: - Demonstrating leadership by advancing responsible corporate citizenship. - Producing practical solutions to contemporary problems related to globalisation, sustainable development and corporate responsibility in a multi-stakeholder context. - Managing risks by taking a proactive stance on critical issues. - Leveraging the UN’s global reach and convening power with governments, business, civil society and other stakeholders. - Sharing good practices and learnings. - Accessing the UN’s broad knowledge in development issues. - Improving corporate/brand management, employee morale and productivity, and operational efficiencies.