Business Leaders Adopt Decaration on Responsible Business Practices
Business leaders from developed and developing countries today pledged to comply with labour, human rights, environmental and anti-corruption standards as a two-day conference closed in Geneva. At the second United Nations Global Compact Leaders Summit, top executives of corporations such as Coca-Cola, Petrobras, Fuji Xerox, China Ocean Shipping Group, Tata Steel, L M Ericsson and Banco Bilbao Vizcaya Argentaria adopted the 21-point Geneva Declaration, which spells out concrete actions for business, governments and United Nations Global Compact participants.
6) Investors and the finance community are increasingly placing importance on the proper management of environmental, social and governance issues by companies, and are incorporating this interest into investment decision-making and value considerations. The Principles for Responsible Investment is a framework for institutional investors in this regard. Using standardized methodologies and indicators, such as the Global Reporting Initiative, is essential to allow
investment decisions to be made on the basis of comparable data.
7) In situations of weak state governance or in areas of the world where tensions or conflict prevail, investors (and the
companies they invest in) can sometimes play a more helpful role through engagement rather than divestment,
provided such activities are in line with the principles of the UN Global Compact and use the various tools and
guidelines developed by multi-stakeholder groups to ensure that such investment is likely to be beneficial in those
situations.8) Investors can contribute positively by encouraging companies in which they invest to be transparent and ensure that
they are pursuing responsible business practices, while urging governments in these states to act responsibly and
uphold pertinent laws and international norms.
9) Lenders can ensure that funds loaned are applied in ways that are aligned with international standards. The Equator
Principles provide a platform to encourage the application of commonly agreed standards.
The CEOs of six corporations — The Coca-Cola Company, Levi Strauss & Co., Là¤ckeby Water Group, Nestlé S.A., SABMiller and Suez — urged their business peers everywhere to take immediate action to address the global water crisis. They launched “The CEO Water Mandate”, a project designed to help companies to better manage water use in their operations and throughout their supply chains. Image source: unglobalcompact.org
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News selected by Covalence | Country: Global | Company: Coca-Cola Company, Petrobras, Fuji Xerox, China Ocean Shipping Group, Tata Steel, Ericsson, BBVA, Levi Strauss, Là¤ckeby Water Group, Nestle, SABMiller, Suez | Source: UN Global Compact
