UN report calls for more action to address corporate sustainability

A UN report released Thursday called on global companies to take more action to address sustainability issues.

The Global Corporate Sustainability Report 2013, issued by the UN Global Compact, stresses that commitment to sustainability principles such as the protection of human rights, transparency and accountability, environmental stewardship and social inclusion affect companies' performance.

Based on survey responses from nearly 2,000 companies across 113 countries, the report found that companies committed to the UN Global Compact are moving from good intentions to significant actions.

Despite progress being made, there is a long journey ahead for companies to fully embed responsible practices across their organizations and supply chain, the report said.

"While corporate leaders recognize the importance of global sustainability issues, there are still many challenges to be met," said Georg Kell, executive director of the UN Global Compact. " Companies must put words into action -- by implementing policies, measuring their effectiveness and reporting their progress publicly."

"Corporate sustainability is serious business. It influences long-term financial success. What used to be external to the company is now internal," Kell told reporters here.

"Social issues such as poverty are also business issues and businesses can take on them proactively and be part of the solution or continue to ignore them at their own risk," he said.

Despite challenges, more companies are recognizing the importance of sustainable practices and are joining the Global Compact to align their core business strategies with UN principles and global development priorities, Kell said.

Launched in 2000, the UN Global Compact is the world's largest corporate responsibility initiative, involving more than 8,000 companies in some 144 countries.