The conference offers the opportunity "to assess the sea change that is taking place in the relationship between business and communities," he said, pointing out that in today's interdependent world, "business leadership cannot be sustained without showing leadership on environmental, social and governance issues."
Mr. Ban acknowledged that pro
principles is still uneven. "We need to apply policies more deeply and specifically across the board," he said. In areas that would benefit most from a robust global economy, business is still too often linked with "exploitative practices, corruption, income equality and other barriers" that discourage innovation and entrepreneurship.
Mr. Ban called on representatives from business, trade unions, academia and governments to do their part to ensure the Compact's success, and pledged his full support in this endeavour "so that we fulfil the Global Compact's aspirations and vision."
Also addressing the Summit was Sergei Ordzhonikidze, Director-General of the UN Office at Geneva, called on those present to "combine the universal authority of the UN, the global reach of international business and the mobilizing power of civil society to confront" global challenges together.
The Global Compact seeks to promote responsible corporate citizenship by partnering the private sector with other social players to achieve a more sustainable and inclusive global economy.
It is not a regulatory instrument but relies instead on what it terms "public accountability, transparency and the enlightened self-interest of companies, labour and civil society to initiate and share substantive action in pursuing the principles upon which the Global Compact is based."
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