The United Nation Global Compact Board (UNGCB) is a body whose sole purpose is to promote the fight against corruption, encourage peace, as well as promote the rule of law within corporations—more importantly multinational ones.
However, this institution does not have the power to impose their resolutions onto any government nor any corporations—other than the ones under their own control.
“We offer propositions and set the example … We have power” as put Cheng Yu. “We do not have just the power of resolutions … our words matter”, as Di Piazza eloquently echoed.
As a matter of a fact, the most powerful action the UNGCB can implement is create incentive for companies to create and upkeep a clean image and responsible actions. They “cannot give tax breaks”, as Carlson brought up in a moderate discussion concerning their jurisdiction.
Among the members of the body, it was a general consensus that corporations are to be held accountable for their actions—be it through a system of checks and balances that seeks to denunciate corruption as Mr. Sarraf implemented in his own empire. Similar to the aforementioned, members of the body are to set examples for other companies in the industry to follow.
As many might know, it is a great trend in the industry to shift their image towards an environmentally and socially favourable one, but is rarely followed through by concrete actions. The goal of the UNGCB is to enforce such incentives.
Megan Le Stum from the Wall Street Journal