Global Compact is a framework based on which companies oblige themselves to harmonize their activities with ten universal principles from the area of human rights, labour, environment protection and anti-corruption. As the largest civil initiative, Global Compact’s primary interest is to build corporate social responsibility and markets.
Business, trade and investments are the pillars of prosperity and peace. However, in many areas business is frequently associated with serious dilemmas – such as exploitation, corruption, unequal revenues and obstacles which suppress innovations and entrepreneurship. Corporate social responsibility can in many ways build trust and social capital, contributing to the overall development and the development of sustainable markets.
Global Compact is Exclusively a Voluntary Initiative with Two Main Goals:
Integrating ten principles into businesses around the world
Carrying out activities supporting goals of United Nations, such as Millennium Development Goals
Global Compact is not a regulatory instrument, which means that it does not compel or govern the operations of companies. Instead, Global Compact relies on public responsibility, transparency and enlightened interests of companies, trade unions and civil society to initiate and share primary activities with a goal to achieve the principles which are the foundation of Global Compact.
"Ten principles of Global Compact" from the area of human rights, labour, the environment and anti-corruption policy originate from:
The Universal Declaration of Human Rights
The International Labour Organization's Declaration on Fundamental Principles and Rights at Work
The Rio Declaration on Environment and Development
The United Nations Convention Against Corruption
The 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, employment, environment and anti-corruption.
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; and
Principle 4: the elimination of all forms of forced and compulsory labour,
Principle 5: the effective abolition of child labour,
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
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
Establishing Global Compact in Serbia
As a response to the growing interest for Corporate Social Responsibility, on December 6, 2007 in the premises of the National Bank of Serbia in Belgrade, the UNDP office in Serbia and the National Bank of Serbia had promoted the United Nations initiative for improvement of Corporate Social Responsibility under the name "Global Compact".
In that manner Serbia has also joined the largest global voluntary association dedicated to promoting socially responsible operations, which includes over 5000 participants and interest groups from over 130 countries. The promotion of United Nations Global Compact was attended by large number of representatives from government and non-government sector, companies, civil society organizations and academic institutions.
On that occasion United Nations Global Compact has been joined by first companies: BFC Lafarge, Holcim, Deloitte and Cisco System; banks: Eurobank EFG, Pireaus Bank, Societe Generale Bank and Crédit Agricole Serbia; and by non-government organization SMart Kolektiv.
In the meantime Global Compact network in Serbia was joined by more than 30 companies devoted to the principles of Corporate Social Responsibility.