The ten UN principles as a vehicle for regaining trust

  • Business can regain public trust by shifting its focus to aligning profit with action to bring about social change and mitigate climate change.
  • UN initiatives such as the UN Global Compact, Sustainable Development Goals and the Paris Agreement exist to guide business towards the best ways to make a positive impact.
  • Entities should take an innovative approach to areas such as FDI, raising debt and superannuation in order to unlock greater investment in SDG initiatives.

Trust in corporate Australia has been diminished by developments such as the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, a rise in litigation against corporate entities and supply chain issues. The fastest path to business regaining trust is by making a strategic pivot. Businesses will need to move from short- to medium-term outlooks and then to long-term outlooks that incorporate transformational social change. They will need to seek out new market opportunities that have the potential to make a scalable impact. At this crucial moment, acting responsibly, focusing on the benefits for people and planet, has never been more important. 

United Nations Global Compact

The Global Compact Network Australia is the Australian division of the United Nation’s (UN) flagship initative for responsible business action, the UN Global Compact. It plays a crucial role working with business to deliver the ambition needed to regain trust. Its role is to encourage the private sector to address the challenge of responsible and sustainable business practices, which are outlined in the UN Sustainable Development Goals (SDGs).

This article is exclusive to Governance Institute members and subscribers.

To read the full article…

or Become a member