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Thursday, April 17, 2014
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UN Global Compact Expels 99 Companies in First Half of 2013

03/07/2013 09:17 (288 Day 03:20 minutes ago)

The FINANCIAL -- The UN Global Compact has expelled 99 companies in the first half of 2013 for failure to communicate progress for at least two consecutive years, according to the UN Global Compact. 

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These expelled companies represent three percent of the 3,288 participants due to submit a Communication on Progress (COP) within the first six months of 2013. During the same period, 2,233 companies did submit a COP, of which 130 achieved the GC Advanced level, an unprecedented number reflecting an increased commitment to transparency.

The number of companies joining the Global Compact continues to significantly exceed the number of expulsions. With 646 companies from around the world joining the initiative to date in 2013, participants have signed onto the Global Compact at more than six times the rate of expulsions, according to the UN Global Compact.

 
Business participants in the Global Compact commit to make the ten principles part of their business strategies and day-to-day operations. As an integral part of their commitment, companies must issue an annual COP, a public disclosure to stakeholders (investors, consumers, civil society, Governments) on progress made in implementing the ten principles, and in supporting broader UN development goals.

Companies that fail to submit a COP for two consecutive years have not fulfilled their commitment to the Global Compact and face expulsion from the initiative. Expelled participants that wish to renew their participation must reapply via a new Letter of Commitment from the chief executive, according to the UN Global Compact.

 
The Global Compact offers customized and direct support to participants through its Relationship Management and Transparency and Disclosure teams, as well as through Local Networks in 101 countries. Companies of all types and in all regions are encouraged to take advantage of this valuable support to maximize their participation in the initiative.

 

 

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