"Markets can flourish only in societies that are healthy. And societies need healthy markets to flourish."
(Ban Ki-Moon - Secretary General, United Nations)
The initiative seeks to combine the best properties of the UN, such as moral authority and convening power, with the private sector's solution-finding strengths, and the expertise and capacities of a range of key stakeholders. The UN Global Compact is global and local; private and public; voluntary yet accountable.
The benefits of engagement include the following:
- Adopting an established and globally recognized policy framework for the development, implementation, and disclosure of environmental, social, and governance policies and practices.
- Sharing best and emerging practices to advance practical solutions and strategies to common challenges.
- Advancing sustainability solutions in partnership with a range of stakeholders, including UN agencies, governments, civil society, labour, and other non-business interests.
- Linking business units and subsidiaries across the value chain with the UN Global Compact's Local Networks around the world — many of these in developing and emerging markets.
- Accessing the United Nations' extensive knowledge of and experience with sustainability and development issues.
- Developing specific know-hows.
- Improving the company reputation and increasing the trust in the company.
- Assuming a leading role in critical themes.
- Developing a network with other organizations.
- Understanding the financial needs and promoting the capital access.
- Utilizing UN Global Compact management tools and resources, and the opportunity to engage in specialized workstreams in the environmental, social and governance realms.