Global Compact: Over 630 companies kicked out of scheme
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Loading ...Firms that sign up to industry-wide CSR initiatives only to fail to deliver on their commitments have been given a wake-up call after the UN named and shamed the 630 companies it has now kicked out of its Global Compact scheme.
Businesses signing up to the scheme are required to adhere to 10 principles governing corporate behaviour and commit to adopting best practices on human rights, the workplace, the environment and anti-corruption. In return, they are allowed to publicise themselves as a member of the global compact, access UN development resources and share best practices with other signatories to the initiative.
To ensure the “accountability and credibility” of the scheme, firms have two years from joining to issue a “communication” reporting on the progress they are making toward delivering on CSR best practices. Following this first submission, they are then required to issue communications on an annual basis. Read more
Source: Business Green
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