UN Global Compact

The Global Compact was launched by United Nations Secretary- General Kofi Annan at the World Economic Forum in Davos, Switzerland, in January of 1999. The Global Compact is a learning network with participation and support from companies, UN bodies, business associations, NGOs and trade unions in promoting Corporate Social Responsibility and ethical business standards. The Compact calls on companies to embrace ten universal principles in the areas of human rights, labor standards, environment and anti-corruption to be integrated into each company’s core business strategy and into everyday business practices.

Human Rights

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of infl uence; and

Principle 2: make sure they are not complicit in human rights abuses.

Labor Standards

Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;

Principle 4: the elimination of all forms of forced and compulsory labor;

Principle 5:the effective abolition of child labor; and

Principle 6:eliminate discrimination in respect of employment and occupation.

Environment

Principle 7:Business should support a precautionary approach to environmental challenges;

Principle 8:undertake initiatives to promote greater environmental responsibility; and

Principle 9:encourage the development and diffusion of environmentally friendly technologies.

Transparency and Anti-corruption

Principle 10:Businesses should work against corruption in all its forms, including extortion and bribery.

At present, more than 1,300 companies around the world have joined this UN initiative. Borusan Holding signed The Global Compact in 2006, thereby expressing the Group’s commitment to these 10 core values. (www.globalcompact.org)