The Sumitomo Corporation Group declared in March 2009 its support for the UN Global Compact's 10 principles. Upon its participation in the Global Compact, the Sumitomo Corporation Group committed itself to make further improvements by constantly assessing enhancements of its business activities in light of the values advocated by the 10 principles.
The Global Compact (GC) was proposed by the former UN Secretary General Kofi Annan at the World Economic Forum (in Davos) in 1999 and officially launched in 2000 at the UN Headquarters in New York. The GC is an initiative aimed at realizing the sustainable growth of the global economy through the voluntary participation of businesses in a worldwide network. The UN invites companies and organizations from around the world to join in the GC and currently has about 6,700 companies and organizations from 129 countries participating. The GC has compiled 10 universal principles recognized by the international community based on international agreements in the areas of human rights, labour standards, environment and anti-corruption. Participating companies adopt the 10 principles into their business operations and strategies and are expected to assume responsible and creative leadership as a good corporate citizen for the purpose of achieving sustainable growth.
The Global Compact's 10 Principles
1: Businesses should support and respect the protection of internationally proclaimed human rights; and
2: make sure that they are not complicit in human rights abuses.
3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
4: the elimination of all forms of forced and compulsory labour;
5: the effective abolition of child labour; and
6: the elimination of discrimination in respect of employment and occupation.
7: Businesses should support a precautionary approach to environmental challenges;
8: undertake initiatives to promote greater environmental responsibility; and
9: encourage the development and diffusion of environmentally friendly technologies.
10: Businesses should work against corruption in all its forms, including extortion and bribery.