At the beginning of 2010, GN Store Nord joined the UN Global Compact, a UN initiative that sets out ten general principles for corporate social responsibility (CSR). The principles are based on internationally recognized conventions on human rights, labor standards, the environment and anti-corruption.

Since the Global Compact was introduced in April 2000, more than 6,700 businesses and organizations all over the world have joined the initiative, including about 175 from Denmark.

Triggered by Amendments to the Financial Statements Act

Under a 2008 amendment to the Danish Financial Statements Act, listed companies, large companies (class C enterprises), institutional investors and unit trusts as well as state-owned public limited companies are required, with effect from the 2009 financial year, to report on their corporate social responsibility as part of their annual reports. The amendment signaled the start to GN’s efforts to join the Global Compact. GN’s CFO Anders Boyer explains:

“As we were required to report on CSR in our annual report anyway, we decided after consulting the Supervisory Board to go all the way and join the UN Global Compact. The Global Compact is internationally recognized and can help more businesses propel their developments in the right direction and thereby help to raise the general standards in terms of the issues covered by the Global Compact. Also, the Global Compact guidelines provide a good structural framework for our CSR reporting.”

GN has a Tradition for Corporate Social Responsibility

It is GN’s policy to conduct its business in a financially and socially responsible manner for the benefit of all its stakeholders, whether they are shareholders, employees, customers or other groups.

It goes without saying that GN as a minimum complies with applicable legislation in the countries and local regions where GN operates. In areas such as occupational health, safety, workers’ rights and environmental requirements, GN’s own rules often go above and beyond local requirements, and these rules also apply to GN’s sub-contractors. In February 2010, GN introduced a set of ethical guidelines intended to help GN employees observe high ethical standards in everything they do whenever they represent the company.

“At GN, we have already taken a number of steps in respect of the ten principles of the UN Global Compact. Having joined the Global Compact means that we will report on these initiatives once a year, and the first time will be in the 2010 Annual Report. I believe that talking much more about what we actually do as a responsible business will benefit GN in-house. I also believe that being a part of the Global Compact will be important for GN’s external relations. The more that join the Global Compact, the greater the focus on corporate social responsibility,” says Anders Boyer.

The Ten Global Compact principles

Companies that join the Global Compact principles commit to incorporate the ten principles in their business activities and to report to the UN on their efforts. The reporting requirements depend on each company’s size. The Global Compact principles are directed at a broad range of companies and organisations. Click here to learn more: http://www.unglobalcompact.org

The Global Compact asks companies to embrace, support and enact, within their sphere of influence, a set of core values in the areas of human rights, labour standards, the environment, and anti-corruption.

Human Rights

1. Businesses should support and respect the protection of internationally proc-laimed human rights; and

2. should make sure they are not complicit in human rights abuses.

Labour Standards

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

4. the elimination of all forms of forced and compulsory labour;

5. the effective abolition of child labour; and

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

Environment

7. Businesses should support a precautionary approach to environmental challenges;

8. undertake initiatives to promote greater environmental responsibility; and

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

Anti-Corruption

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