June 11, 2007: Pacific Controls is the first; UAE based Technology Company to sign the United Nations Global Compact. Created in July 2000 by UN the Global Compact is a network of UN agencies, corporations, non-governmental organizations, labor, and academic institutions that endorse a shared set of principles on good corporate citizenship.
Companies that sign the UN Global Compact commit to support and advance the Global Compact's 10 Principles on human rights, labor, the environment and anti-corruption. These principles are based on internationally accepted principles to improve global society. Signing the Global Compact affirms our long-standing commitment to strive to conduct business responsibly.
The UN Global Compact is a United Nations platform that brings companies together with UN agencies, labor and civil society. The initiative seeks to build cooperation and promote partnership between the business community and the UN, advancing responsible corporate citizenship in social and environmental matters.
Members of the Global Compact are expected to report to their stakeholders on an annual basis about the progress they have made implementing the principles of the Global Compact.
The Global Compact comprises more than 3000 companies from more than 100 countries. Within that network, we will continue to promote dialogue on the issue of corporate responsibility and will use this opportunity for an international exchange of ideas to ensure that our commitment is as effective as possible.
The United Nations Global Compact was founded on the conviction that responsible business practices and cross-sector partnerships are critical to strengthening the global economy and ensuring environmental and social well-being. Today, countless business practices and cross-sector partnerships use the Global Compacts ten principles as a moral compass.
Yet globalization remains an imperfect experiment. Demonstrating the social legitimacy of business and markets is just as critical today as when the Global Compact was introduced. Perhaps more than ever before, business in partnership with the United Nations and other stakeholders have the opportunity to help ensure that globalization and commerce advance in ways that benefit economies, societies and people everywhere.
Businesses make a vital contribution to society and development: creating employment and income, providing technical skills, strengthening management and bringing market-based solutions to pressing social and environmental problems. Responsible businesses are a positive force in spurring development and improving human conditions.
A commitment to the Global Compact demonstrates that a company is willing to take part in building sustainable global market. Every company has a role to play and every company can contribute to positive change. However, the road traveled will be different for every company. Companies begin and end in different places on the road to improvement. Where a company begins the process at the entry point to the Global Compact is not important. What really counts is that the company is committed to change and continuous performance improvement.