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UN Global Compact hardens stance - Ethical Performance

10 April 2003, 16:38 CET

Companies that have signed the United Nations Global Compact but fail to meet its terms will face the prospect of disciplinary action later this year, according to the latest issue of Ethical Performance.

The UN will begin to develop new procedures this summer that may include the ability to expel errant signatories, which is not possible under the existing regime.

'We need to develop the capacity to handle complaints in terms of companies violating the principles, and potentially to take them off our list,' said the Compact's director of public affairs, Gavin Power. 'Submitting firms to some sort of complaints mechanism is in the long-term interests of the Compact'.

The decision to introduce a disciplinary procedure is partly a response to criticism that the Compact lacks teeth.

The Global Compact is a set of principles covering human rights, labour and environmental issues that companies choose to sign up to.

Also in this month's issue of Ethical Performance, the monthly business newsletter:

- Insurer Aegon sets out long-term plan to improve its corporate social responsibility
- Australia to become the first country to have a CSR standard administered by an official standards body
- Spain moves closer to socially responsible investment disclosure regulation
- Sustainability reporters urged to reveal the lobbying positions taken by the company on key social and environmental policy issues.

Ethical Performance is a monthly newsletter for professionals with a corporate social responsibility or socially responsible investment brief.

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