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Global Compact Summit Concludes with Emphasis on Need to Fight Corruption
 
During the Global Compact Leaders Summit on June 24, 2004, over 400 corporate chief executives, governmental officials and civil society leaders from around the globe agreed to battle graft and corruption in addition to recommitting themselves to the Global Compact. They adopted a simple principle that "business should work against corruption in all its forms, including extortion and bribery." This principle was added to the already existing Global Compact’s Charter of nine principles dealing with issues like environment, workers’ and human rights, responsible corporate citizenship, etc.

History of Global Compact Network
In an address to The World Economic Forum on January 31, 1999, United Nation Secretary-General Kofi Annan challenged business leaders to join an international initiative – the Global Compact – that would bring companies together with UN agencies, labour and civil society to support nine principles in the areas of human rights, labor, the environment and anti-corruption. The Global Compact is constituted as a voluntary corporate citizenship initiative and network with two objectives:

• Mainstream the ten principles in business activities around the world;
• Catalyse actions in support of UN goals.

The Global Compact’s operational phase was launched at UN Headquarters in New York on July 26, 2000. Today, hundreds of companies from all regions of the world, international labor and civil society organizations are engaged in the Global Compact. During the first Global Compact Leaders Summit, held on June 24, 2004 at UN Headquarters in New York, the Secretary-General announced the addition of a tenth principle against corruption.

Press Release of Global Compact Leaders Summit, June 24, 2004
 
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