- Parent Category: CSR Singapore /
What is United Nations Global Compact?
The United Nations Global Compact (UNGC) is the world’s largest voluntary initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption.
First launched in 2000 with just over 40 business members, the UNGC has grown to over 10,000 members across 130 countries. Companies and organisations are encouraged to sign up to the UN Global Compact to show their commitment to good practice for sustainable business and social success and development. Signatories regularly report on their progress and initiatives in the four areas. COPs, or communications-on-progress, are available by country and by industry on the UNGC website for peer benchmarking and communication, with over 65 participants from Singapore as of October 2015.
The benefits of engagement include the following:
Adopting an established and globally recognised policy framework for the development, implementation, and disclosure of environmental, social, and governance policies and practices.
Sharing best and emerging practices to advance practical solutions and strategies to common challenges.
Advancing sustainability solutions in partnership with a range of stakeholders, including UN agencies, governments, civil society, labour, and other non-business interests.
Linking business units and subsidiaries across the value chain with the Global Compact's Local Networks around the world — many of these in developing and emerging markets.
Accessing the United Nations' extensive knowledge of and experience with sustainability and development issues.
Utilising UN Global Compact management tools and resources, and the opportunity to engage in specialised workstreams in the environmental, social and governance realms.