United Nations delists 32 Indian companies
- added July 3, 2008
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To regulate ethics among corporates, the United Nations has delisted nearly 600 companies, including 32 Indian ones as they failed to report on their progress. These companies lacked zeal to follow human rights, workplace and anti-corruption ethics.
The United Nations Global Compact Office (UNGCO) has delisted nearly 600 companies, including 32 Indian ones for failure to comply with the integrity measures introduced in 2004. Although the decision was taken on June 25, the list was made known only now.
The list of firms removed from the scheme features a wide range of companies, including: Cement Corporation of India, Hindustan Aeronautics, Hindalco, Kundermukh Iron Ore, Apollo Hospitals, Atlas Cycles, Hindustan Organics Chemical Limited, Shipping Corporation of India, MMTC, MTNL, Punjab National Bank and Unit Trust of India to name few.
Among international companies the UNGCO has delisted Groupe Fiat France and the subsidiaries and affiliates of a number of high-profile multinationals, such as Ernst & Young, Brazil, Barclays Bank of Ghana Limited, L’Oreal Argentina SA, and Mitsubishi Motors Corporation.
Businesses signing up to this UN scheme are required to adhere to ten guidelines governing corporate behaviour and commit to adopting best practices on human rights, the workplace, the environment and anti-corruption. In return, they are allowed to publicise themselves as a member of the Global Compact, access UN development resources and share best practices with other signatories to the initiative.
In accordance with the integrity measures, companies are required to communicate annually to their stakeholders on progress made in implementing the ten principles of the UNGCO. Failure to meet the communication on progress (COP) deadline results in a company being listed as ’non-communicating’ on the Global Compact website.
The delisting policy was first implemented in January 2008, when 394 companies were removed from the participant list. Since then, an additional 236 companies have been delisted – bringing to 630 the total number of companies delisted since the policy was implemented. In addition, 317 companies are currently listed as ’inactive’ on the website, of which 184 are at risk of being delisted by 2008.
Despite the large number of companies removed from the participant list, the overall number of participants continues to rise. During the first half of 2008, 701 new companies have joined the UNGCO. Total number is 5982.
The United Nations Global Compact Office (UNGCO) has delisted nearly 600 companies, including 32 Indian ones for failure to comply with the integrity measures introduced in 2004. Although the decision was taken on June 25, the list was made known only now.
The list of firms removed from the scheme features a wide range of companies, including: Cement Corporation of India, Hindustan Aeronautics, Hindalco, Kundermukh Iron Ore, Apollo Hospitals, Atlas Cycles, Hindustan Organics Chemical Limited, Shipping Corporation of India, MMTC, MTNL, Punjab National Bank and Unit Trust of India to name few.
Among international companies the UNGCO has delisted Groupe Fiat France and the subsidiaries and affiliates of a number of high-profile multinationals, such as Ernst & Young, Brazil, Barclays Bank of Ghana Limited, L’Oreal Argentina SA, and Mitsubishi Motors Corporation.
Businesses signing up to this UN scheme are required to adhere to ten guidelines governing corporate behaviour and commit to adopting best practices on human rights, the workplace, the environment and anti-corruption. In return, they are allowed to publicise themselves as a member of the Global Compact, access UN development resources and share best practices with other signatories to the initiative.
In accordance with the integrity measures, companies are required to communicate annually to their stakeholders on progress made in implementing the ten principles of the UNGCO. Failure to meet the communication on progress (COP) deadline results in a company being listed as ’non-communicating’ on the Global Compact website.
The delisting policy was first implemented in January 2008, when 394 companies were removed from the participant list. Since then, an additional 236 companies have been delisted – bringing to 630 the total number of companies delisted since the policy was implemented. In addition, 317 companies are currently listed as ’inactive’ on the website, of which 184 are at risk of being delisted by 2008.
Despite the large number of companies removed from the participant list, the overall number of participants continues to rise. During the first half of 2008, 701 new companies have joined the UNGCO. Total number is 5982.
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