First proposed in an address to The World Economic Forum in Davos in 1999 by UN Secretary-General Kofi Annan, the Global Compact seeks to promote responsible corporate citizenship so that business can be part of the solution to the challenges of globalization encouraging businesses to support ten fundamental principles in the area of human rights, labor standards, the environment and anti-corruption:
Human Rights
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Labour 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 labour;
Principle 5: the effective abolition of child labor; and
Principle 6: the elimination of discrimination in respect of employment and occupation
Environment
Principle 7: Businesses 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
Anti-Corruption
Principle 10: Businesses should work against all forms of corruption, including extortion and bribery
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