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Article

1 Jan 2008

Author:
Klaus Schwab, Executive Chair of the World Economic Forum in Foreign Affairs [USA]

Global Corporate Citizenship: Working With Governments and Civil Society

…International business leaders must fully commit to sustainable development and address paramount global challenges, including climate change, the provision of public health care, energy conservation, and the management of resources, particularly water. Because these global issues increasingly impact business, not to engage with them can hurt the bottom line. Because global citizenship is in a corporation's enlightened self-interest, it is sustainable…business leaders must look carefully at how their companies are engaged [in society], consider what more they can do, and act…A key part of corporate governance is the development and implementation of internal programs to promote ethics, moral standards, and socially acceptable practices. These should include respect for human rights and adherence to labor standards…Global corporations have not only a license to operate in…[“the global space”] but also a civic duty to contribute to sustaining the world’s well-being in cooperation with governments and civil society…Global corporate citizenship integrates both the rights and the responsibilities that corporations have as global citizens…it can point out the way to new models of effective global governance that integrate business as a key stakeholder.[refers to AIG, Nike, Deutsche Bank, Toyota, Unilever, Microsoft, Nestlé]