Strengthen the means of implementation and revitalize the global partnership for sustainable development
This Practice Note from LexisPSL explains what the UN Global Compact is and how it interacts with issues relating to business and human rights. It also summarises the key pledges and principles of the UN Global Compact, the UN Sustainable Development Goals, how organisations can sign up and the annual reporting requirements. The UN Global Compact is a vital vehicle for advancing SDG 17.16 to enhance the global partnership for sustainable development.
Heightened emphasis on transparency and accountability through corporate governance and disclosure has renewed the focus on the ‘triple bottom line’—environmental, social and economic impacts. Environmental, social and corporate governance (ESG) reporting generally measures the sustainability and ethical performance of a company. There is increasing interest in the ESG performance of companies by various stakeholders. A range of mechanisms exist to shape CSR and foment voluntary reporting by companies on their ESG performance. Adhering to one such framework heightens credibility, and a proactive approach to sustainability presents opportunities while ensuring a company’s preparedness to embrace evolving legal requirements.
