The Global Compact is an initiative of UN General Secretary, Kofi Annan, that was presented and discussed for the first time at the Davos World Economic Forum in 1999.
Through this initiative, corporations confirm their acceptance of ten principles related to the following matters:
Respect for fundamental human rights
Acceptance of labour rights and, more specifically, the recognition of the right for collective bargaining and the abolition of child labour
Respect for environmental protection
Opposition to all forms of corruption
The Global Compact is based on:
The Universal Declaration of Human Rights
The International Labour Organisation’s Declaration on Fundamental Principles and Rights at Work
The Rio Declaration on Environment and Development
The UN Convention against Corruption
The Global Compact asks companies to adopt, support and enact, within their sphere of influence, the initiative, which is aimed at: sensitisation toward and voluntarily promoting the practical application of ten principles aimed to restore trust amongst citizens of the worldwide community concerning the advantages of globalisation.