The Secretary General of the United Nations, speaking at Davos, highlighted the role of voluntary initiatives like the Global Compact (GC). He stressed the need for them to aim higher in the new economic context. For example, the pension funds of GC members collectively have huge influence on the market, but many have been disinterested or even opposed to initiatives promoting active integration of ESG factors into the investment process. Will the Secretary General be taking action to ensure the GC rises to his challenge? Will Davos put this aspect of “corporate responsibility” firmly on the agenda? If either or both generate real change by next year, this would go a long way to reassuring observers that voluntary initiatives like Davos and GC have value.
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