UN-backed Global Compact meets in China in largest gathering on ethical principles

Nearly 800 business leaders and government and civil society representatives are to meet today in China under the umbrella of the Global Compact, an initiative of United Nations Secretary-General Kofi Annan, for the largest event held in modern China on best practices in business ethics.

"This is a historic event for the United Nations and the Global Compact specifically," Global Compact Executive Head Georg Kell said.

"China is today the world's fastest growing economy and Shanghai is an international centre of business excellence. This dynamic environment is, therefore, a suitable place to bring businesses and other stakeholders together to advance good corporate citizenship and address the widening gap between the outcomes of globalization and the needs of humanity," he noted.

The voluntary corporate citizenship body now numbers more than 2,400 companies from over 80 countries. It includes dozens of leading Chinese businesses. It also includes leaders of international civil society and labour organizations.

At the two-day summit, the participants will share ways of implementing the Global Compact's universal principles on the environment, labour standards, human rights and anti-corruption, derived from four UN instruments: the Universal Declaration of Human Rights, the International Labour Organization's (ILO) Declaration on Fundamental Principles and Rights at Work, the Rio Declaration on Environment and Development and the Convention against Corruption.