The same types of governance gaps and failures that produced the current economic crisis also constitute what the Special Representative has called the permissive environment for corporate wrongdoing in relation to human rights. The necessary solutions for both similarly point in the same direction: Governments adopting policies that induce greater corporate responsibility, and companies adopting strategies reflecting the now inescapable fact that their own long-term prospects are tightly coupled with the well-being of society as a whole.
In the decade following their launch, the United Nations Global Compact and Global Reporting Initiative (GRI) have developed into two of the most widely used global instruments to promote more responsible business practices in the field of sustainable development. Despite their different histories and organizational structures, their strategic positioning as a mutually reinforcing ‘value platform’ appears to have been successful. Separately, they have achieved pre-eminence in their respective fields. Together, they are increasingly widely used by companies to report their corporate responsibility goals, policies and performance.