In addition to internalizing the ten principles, the Global Compact encourages participants to engage in partnerships with their stakeholders in support of broader development goals, such as the Millennium Development Goals. Together, these two complementary objectives – principles and partnerships – constitute the comprehensive model of good corporate citizenship promoted by the Global Compact.
The basic concept of partnerships is simple and straightforward – to identify common ground between the private and the public sectors, and to combine their resources, skills and expertise to improve results. Partnerships focus on the many areas where private actors and public institutions can engage in win-win relationships, such as poverty reduction, health, education and community development.
Cross-sector partnerships can make it possible to overcome challenges that are too difficult for one organization or sector to address alone, and can make efforts more effective by combining resources and competencies in innovative ways. Through collaboration, actors can strengthen their efforts to achieve individual objectives by leveraging, combining and capitalizing on complementary resources, strengths and capabilities.
There are three main types of partnerships :
- Advocacy and policy dialogue – Companies engage with other stakeholders to take a leadership role in championing, advocating for, and contributing to resolving different issues.
- Social investment and philanthropy – Companies provide financial support, contribute volunteers and/or expertise, or make in-kind contributions, including product donations.
- Core busines - Partners collaborate to create employment and foster entrepreneurship, contribute to economic growth, generate taxation revenues, implement social, environmental or ethical standards and provide appropriate and affordable goods and services.
Last update: 2012-10-09