The UN Global Compact is a strategic policy 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. By doing so, business, as a primary driver of globalization, can help ensure that markets, commerce, technology and finance advance in ways that benefit economies and societies everywhere.
As social, political and economic challenges (and opportunities) — whether occurring at home or in other regions — affect business more than ever before, many companies recognize the need to collaborate and partner with governments, civil society, labour and the United Nations.
This ever-increasing understanding is reflected in the Global Compact’s rapid growth. With over 8700 corporate participants and other stakeholders from over 130 countries, it is the largest voluntary corporate responsibility initiative in the world.
Endorsed by chief executives, the Global Compact is a practical framework for the development, implementation, and disclosure of sustainability policies and practices, offering participants a wide spectrum of work streams, management tools and resources — all designed to help advance sustainable business models and markets.
Overall, the Global Compact pursues two complementary objectives:
With these objectives in mind, the Global Compact has shaped an initiative that provides collaborative solutions to the most fundamental challenges facing both business and society. The initiative seeks to combine the best properties of the UN, such as moral authority and convening power, with the private sector’s solution-finding strengths, and the expertise and capacities of a range of key stakeholders. The Global Compact is global and local; private and public; voluntary yet accountable.
The benefits of engagement include the following:
Finally, the Global Compact incorporates a transparency and accountability policy known as the Communication on Progress (COP). The annual posting of a COP is an important demonstration of a participant’s commitment to the UN Global Compact and its principles. Participating companies are required to follow this policy, as a commitment to transparency and disclosure is critical to the success of the initiative. Failure to communicate will result in a change in participant status and possible expulsion.
In summary, the Global Compact exists to assist the private sector in the management of increasingly complex risks and opportunities in the environmental, social and governance realms, seeking to embed markets and societies with universal principles and values for the benefit of all.
Lumenere, Inc has pledged to be a partner and an advocate of the U.N GLOBAL COMPACT. We have set in motion the certification and adoption process. We understand that change doesn’t happen overnight, and we are re-calibrating our working and business processes to be fully in-line with the U.N GLOBAL COMPACT’s TEN PRINCIPLES by 2012.
We have always believed that business can be used to change the world. With the Global Financial Crisis, it is evident that the current model of Capitalism is not sustainable. The future begins with a co-creative global web of community companies working towards a sustainable economy. The traditional approach of profit driven singularity has failed us. Instead of ‘How’, we now ask ‘Why?’
We at Lumenere, Inc. pledge to be a catalyst for the United Nations Millennium Development Goals.
We urge you to click the link below to learn more. Small efforts create Big results.