The FINANCIAL -- The Australian Network of the UN Global Compact was formally launched on May 28 at the tenth National Business Leaders Forum on Sustainable Development at Parliament House, by Senator the Hon Nick Sherry, Minister for Superannuation and Corporate Law, and Georg Kell, Executive Director of the UN Global Compact.

"This is a very significant initiative," said Senator the Hon Nick Sherry. "At a time when transparency, trust and confidence are emerging as key issues for both business and the community, it is an important and practical step in clearing the path for companies to develop responsible business practices both locally and internationally."

"With the launch of the Global Compact Local Network in Australia, housed by St James Ethics Centre, the number of companies becoming signatories to the UN Global Compact in Australia is expected to grow," Global Compact reported.

"St James Ethics Centre will establish a vibrant, inclusive Australian network of Global Compact signatories. It will reflect an Australian perspective on the Compact's principles and provide practical help for Australian business to integrate them into their business practices," said Rosemary Sainty, Head, Responsible Business Practice of St James Ethics Centre.

Recent Australian signatories include Woolworths and Drake International. They join long-standing Australian participants like Westpac, BHP Billiton, Foster’s and Allens Arthur Robinson.

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