Companies in Sri Lanka rush to join the UNGC because their ten principles does not demonstrate a commitment to good corporate governance! Most of these can be taken care of by the ILO? Except for a small word on anti corruption they missed the chance to drive corporate responsibility in management and strategy. So the companies read the 10 principles listed below and then join the UNGC as a corporate participant and mislead more people. Frankly, GRI could have taken care of these issues? May be UN had more money to spend and therefore formed a group to spend on travel and entertainment to Rio and other exotic locations? Many of you would read this and ask “what’s new?”
The UN Global Compact asks companies to embrace, support and enact, within their sphere of influence, a set of core values in the areas of human rights, labour standards, the environment and anti-corruption. The ten principles are:
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and
Principle 2: make sure that they are not complicit in human rights abuses.
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour; and
Principle 6: the elimination of discrimination in respect of employment and occupation.
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies.
Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.