What is the United Nations Global Compact?
The United Nations Global Compact (UNGC) was founded in 1999 to establish sustainable business principles in companies. The initiative aims to give the global market a human face and focuses on social and ecological globalization. cometis is now also part of it!
The ten basic principles of the UNGC
The UNGC is based on the call for companies to align their strategies and operations with universal principles on human rights, labor, the environment and anti-corruption as well as to take measures that promote social objectives. By participating in the pact, companies commit to the following ten basic principles:
1.Businesses should support and respect the protection of internationally proclaimed human rights.
2.Businesses should make sure that they are not complicit in human rights abuses.
3.Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining.
4.Businesses should uphold the elimination of all forms of forced and compulsory labor.
5.Businesses should uphold the effective abolition of child labor.
6.Businesses should uphold the elimination of discrimination in respect of employment and occupation.
7.Businesses should support a precautionary approach to environmental challenges.
8.Businesses should undertake initiatives to promote greater environmental responsibility.
9.Businesses should encourage the development and diffusion of environmentally friendly technologies.
10.Businesses should work against corruption in all its forms, including extortion and bribery.
Obligations for participating businesses
The signing of the UNGC is accompanied by concrete obligations for companies. They can choose between the basic option as a “Signatory” and the full participation as a “Participant”. With signatory participation, small companies (< USD 50 million) are free to make a donation to the foundation, while participants are asked to make a financial contribution based on their revenues. In addition, all companies – signatory and participant – are expected to document both their progress in implementing the ten principles and their activities to promote sustainable development. These are to be published in an annual report, the so-called Communication on Progress (COP). The COP report on the ten principles is not addressed to the initiative, but to the company’s stakeholders, such as investors, business partners, customers or suppliers.
cometis is now a part of the UNGC!
More than 20 years after its foundation, the UNGC is the world’s largest sustainability initiative for businesses. Currently, 11,017 companies from 157 countries are already involved in the pact – and cometis has been among them for a month now. And because we don’t do things halfway, we are not a signatory, but a participant. This gives us access to all the services and platforms of the Global Compact, such as the UNGC Academy for further training regarding sustainability. Moreover, the status gives us the opportunity to participate in global events and meetings of the initiative.
By participating, we have officially committed ourselves to the ten basic principles and to achieving the Sustainable Development Goals by 2030. We will publish our first “Communication on Progress” by July 2021 – and we look forward to measuring ourselves against our own standards. We are proud to have become part of the UNGC network and look forward to sharing and working with other UNGC participants and those who want to become one!
UNGC participant or not: We are there for you.
Click [HERE] to learn more about cometis’ ESG competencies.