Philips signs on to United Nations Global Compact
Amsterdam – Royal Philips Electronics (NYSE: PHG, AEX: PHI) announced it has formally signed on to the United Nations Global Compact. In a letter to the UN Secretary-General Ban Ki-moon, Philips CEO Gerard Kleisterlee confirmed that Philips supports the 10 principles of the Global Compact with respect to human rights, labor standards, protection of the environment and anti-corruption. With its longstanding commitment to improve the quality of people’s lives, Philips is in a good position to support and advance these principles.
The Global Compact brings companies together with UN agencies, labor and civil society to support universal social and environmental principles. Through the power of collective action, the Global Compact seeks to promote responsible corporate citizenship so that business can be part of solving the challenges of globalization. Thousands of companies from all regions of the world, international labor and civil society organizations are engaged in the Global Compact, working to advance its 10 principles.
The impact of globalization
Globalization is a positive trend that fosters economic development and enables developing and emerging countries to kick-start their economies. But it would be naive to deny the short-term negative impact globalization can have in specific sectors, countries and social groups, both in advance and new and emerging markets.
Companies must realize that in, the long run, there will be a sustainable world with sustainable business or there will be no world and no business at all. This is the reason why Philips is supporting the Global Compact.
Living up to the Global Compact
“The spirit of the Global Compact is reflected in Philips’ General Business Principles, which provide a sound basis for our ethical business conduct. This foundation, together with our Sustainability Policy, EcoVision environmental action program and Supplier Sustainability Declaration, will enable us to live up to the standards set by the Global Compact”, said Gerard Kleisterlee.
The Global Compact is a purely voluntary initiative, not a regulatory instrument. Rather, the Global Compact relies on public accountability and transparency. Philips regularly reports on how it advances the 10 principles in public documents like the recently published Annual Report 2006 and Sustainability Report 2006.
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