The UN Global Compact is a diversified initiative, contributing to improvements for employees and the society and new CSR policies in four business areas (Human Rights, Labour, Envi- ronment and Anti-Corruption). Therefore, it is essential to work and cooperate with other initi- atives, agencies and organizations belonging to the United Nations’ Group and are experts on their specific fields of work.
4.3.1. Global Reporting Initiative
The Global Reporting Initiative (GRI) is, self-described, “a leading organization in the sustain- ability field”. By the use of sustainability reporting, the GRI wants organizations to become more sustainable and contribute to sustainable development. UN GC participants are allowed and invited to submit the annual COP report according to the GRI guidelines. This is possible since June 2010, when a universal framework between the Global Compact and the GRI was established [140]. By a so called Memorandum of Understanding, both initiatives are willing to integrate important guidelines and principles, from each other into their own frameworks. So, the GRI integrates the Ten Principles into the Reporting Guidelines and on the other hand, the UN Global Compact invites its participants to use the GRI’s guidelines for the Communication on Progress (COP) [141]. The GRI offers specialized Reporting Guidelines, also for the Real Estate Sector (see more in chapter 3.2.1). The cooperation enables both initiatives to reach more companies and relevant authorities and affect a greater focus on ESG targets.
4.3.2. Principles for Responsible Investments
The United Nations Environment Program’s (UNEP) Financial Initiative (FI) and the Global Compact implemented the six Principles for Responsible Investments. They were created by a group of “leading institutional investors”, supervised by the Secretary General of the UN [142]. The Global Compact financial working group is in direct contact with the UNEP FI to ensure environmental, social and sustainable practices are established among the private fi- nancial sector. Currently, over 170 financial and insurance institutes, from over 44 states around the world, are supporting the UNEP FI’s mission to achieve a systemic change in fi- nance for as sustainable world. With the help of the Six Principles for Responsible Investments, implemented by members of the financial market, this goal shall become reality [143]:
• Principle 1: “We will incorporate ESG issues into investment analysis and decision- making processes.”
• Principle 2: “We will be active owners and incorporate ESG issues into our ownership policies and practices.”
• Principle 3: “We will seek appropriate disclosure on ESG issues by the entities in which we invest.”
• Principle 4: “We will promote acceptance and implementation of the Principles within the investment industry.”
• Principle 5: “We will work together to enhance our effectiveness in implementing the Principles.”
• Principle 6: “We will each report on our activities and progress towards implementing the Principles.”
By signing and implementing the principles above, signatories obligate themselves to incorpo- rate sustainable issues into their decision processes.
4.3.3. Principles for Responsible Management Education
The Principles for Responsible Management Education (PRME) are six principles, created un- der the coordination of the Global Compact for institutions of higher education that train and teach future managers. In 2007, an international task force, containing 60 deans, university presidents and official representatives of business schools and academic institutions, created the following six principles with support the mission to globally “inspire and champion respon- sible management education, research and thought leadership” [144] [145]:
• Principle 1 (Purpose): “We will develop the capabilities of students to be future gener- ators of sustainable value for business and society at large and to work for an inclusive and sustainable global economy”.
• Principle 2 (Values): “We will incorporate into our academic activities and curricula the values of global social responsibility as portrayed in international initiatives such as the United Nations Global Compact”.
• Principle 3 (Method): “We will create educational frameworks, materials, processes and environments that enable effective learning experiences for responsible leader- ship”.
• Principle 4 (Research): “We will engage in conceptual and empirical research that ad- vances our understanding about the role, dynamics, and impact of corporations in the creation of sustainable social, environmental and economic value”.
• Principle 5 (Partnership): “We will interact with managers of business corporations to extend our knowledge of their challenges in meeting social and environmental respon- sibilities and to explore jointly effective approaches to meeting these challenges”. • Principle 6 (Dialogue): “We will facilitate and support dialog and debate among edu-
cators, students, business, government, consumers, media, civil society organizations and other interested groups and stakeholders on critical issues related to global social responsibility and sustainability”.
Similar to the Communication on Process reports, submitted by participants of the Global Com- pact, academic members of the PRME share their progresses via a public Information on Pro- gress (SIP) report. Currently, 527 organizations have joined the initiative. They have published 559 SIP reports over the years [146].
4.3.4. Caring for Climate
This initiative was launched in 2007 by the UN Global Compact, the UN Framework Conven- tion on Climate Change and the UN Environments Program. The basic idea behind Caring for Climate is to address climate change to the behavior of business all around the world. Like the Global Compact, the initiative offers a framework of tools and resources, to help business leaders with practical solutions, creating policies and strategies to reduce and disclose emis- sions. So, the initiative wants to motivate many business leaders to join and support the Caring for Climate Statement with the goal to prevent a climate change crisis [147]. The disclosure of emissions is intended to be part of the Communications on Progress reports of the Global Compact signatories.
4.3.5. Global Compact for Cities Program
To motivate cities to endorse the Global Compact and its values, the Cities Program has been established. Municipal and governmental authorities, businesses and civil society collaborate on an urban level to achieve and enhance sustainability, resilience and diversity. Therefore, the Ten Principles are translated into action plans for urban governance and management [148]. To join the program, the highest city-official has to send a letter addressed to the UN Secretary General, saying the city is committing to the Ten Principles and then apply to the Global Compact with the regular, online application form.
4.3.6. Business Call to Action
Together with its partners like the Global Compact or the Clinton Global InitiativeXXXVIII, this initiative wants to support companies in reaching the Millennium Development Goals, enabling commercial success and a development impact. Currently, 85 companies are making commit- ments to the initiative, adapting to corporate social responsible behavior by the use of inclusive business models. In addition, Business Call to Action (BCtA) provides a platform to share best practices, to enable knowledge transfer and to link companies with donors and other “key stakeholders”. The BCtA’s work focusses on people with low income and developing countries. It provides improved accesses to financial services, energy and health systems [150].