CSR is all about how different corporate across the globe operate their business functions without effecting the sustainability of the surrounding environment. To align the business corporate activities firms have to practice international principles for sustainable development.
UN Global Compact: It is the world’s largest CSR initiative which provides the basic framework for CSR to the firms. It shows the responsibilities which corporate must relate to. UN Global Compact commit has aligned their operations and strategies along with 10 universal principles in the field of human rights, labour, environment & anti-corruption. These principles are implemented as a guideline for all CSR activities
For the first time UN has set expectations to how different enterprises govern their responsibility with respect to human rights.
Human Rights principles:
- Principle 1: A firm should support and respect internationally proclaimed human rights and
- Principle 2: Firms should not complicit in human rights abuses.
- Principle 3: Businesses should ensure the freedom of association
- Principle 4: Business should make sure that there is elimination of all forced as well as compulsory labour
- Principle 5: Child labour should be strictly ablated
- Principle 6: Elimination of discrimination in respect to occupation and environment.
- Principle 7: Businesses should imply a precautionary approach towards the environment.
- Principle 8: A business should take some initiatives to promote environmental responsibility
- Principle 9: Business should encourage the development of environmentally friendly technologies.
- Principle 10: Firm should work against corruption in all respects weather it is extortion and bribery.