Business Iceland has signed the UN Global Compact (GC) and by that promises to be part of the discussion and awareness rising on CSR in Iceland. Business Iceland will organise learning events, workshops, conferences, be part of networks as well as motivate Icelandic trade companies to incorporate CSR.

A professed strategy and incorporate CSR into trade companies is believed to help building up trust and competitiveness on international markets. This is the reason why Icelandic trade companies are encouraged to incorporate CSR in their companies as well as have a factual discussion on the subject.

The GC is a strategy policy initiative for businesses that are committed to aligning their operations and strategies with ten universally accepted principles in the areas of human rights, labour, environment and anti-corruption. By doing, so, business, as a primary agent driving globalisation, can help ensure that markets, commerce, technology and finance advance in ways that benefit the economies and societies everywhere. The GC started in the year 2000. Today have over 6200 companies and associations signed GC in over 130 countries and there are over 80 local networks. Around 400 Nordic companies have signed Global Compact.

The ten principles of the UN Global Compact

Human Rights

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and

Principle 2: make sure that they are not complicit in human rights abuses.

Labour Standards

Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;

Principle 4: the elimination of all forms of forced and compulsory labour;

Principle 5: the effective abolition of child labour; and

Principle 6: the elimination of discrimination in respect of employment and occupation.

Environment

Principle 7: Businesses should support a precautionary approach to environmental challenges;

Principle 8: undertake initiatives to promote greater environmental responsibility; and

Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Anti-Corruption

Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.