Execs to bolster UN business

GENEVA – Top executives from some of the world’s biggest companies sought yesterday to bolster a UN corporate responsibility pact, saying their firms would benefit from stricter rules on corruption and the environment.

UN Secretary-General Ban Ki-moon backed calls from the heads of Coca-Cola, Anglo American and Petrobras for more checks and balances to ensure members of the seven-year-old Global Compact uphold its standards. Ban, who took over as United Nations chief in January, said firms who signed up to the voluntary initiative must present their records on human rights, labour practices, corruption and the environment for scrutiny each year.”We are going to strengthen this accountability and transparency,” he told a news conference in Geneva, where 1 100 business and government leaders were meeting to review the Global Compact’s effectiveness.About 3 000 companies from 116 countries are members of the Global Compact, created in 2000 as a counterweight to discontent over the effects of globalisation.It requires firms to follow 10 principles, including pledges to abolish child labour and to work against corruption, extortion and bribery.Human rights and environmental activists say the initiative has brought little change in company practices because of the United Nations’ failure to monitor adherence to the principles, some of which are vague.Principle 7, for instance, simply asks signatories to “support a precautionary approach to environmental challenges”.Nampa-ReutersBan, who took over as United Nations chief in January, said firms who signed up to the voluntary initiative must present their records on human rights, labour practices, corruption and the environment for scrutiny each year.”We are going to strengthen this accountability and transparency,” he told a news conference in Geneva, where 1 100 business and government leaders were meeting to review the Global Compact’s effectiveness.About 3 000 companies from 116 countries are members of the Global Compact, created in 2000 as a counterweight to discontent over the effects of globalisation.It requires firms to follow 10 principles, including pledges to abolish child labour and to work against corruption, extortion and bribery.Human rights and environmental activists say the initiative has brought little change in company practices because of the United Nations’ failure to monitor adherence to the principles, some of which are vague.Principle 7, for instance, simply asks signatories to “support a precautionary approach to environmental challenges”.Nampa-Reuters