The Global Compact office announced that a new cooperative framework has been formed with the Global Reporting Initiative. In the future, company submissions made under the aegis of the GRI may also be considered as submissions fulfilling the participation requirements of the Global Compact. Georg Kell, Executive Head of the United Nations Global Compact Office, explained that the two approaches are mutually consistent. According to a statement released by Mr. Kell:
"The Global Compact and the Global Reporting Initiative are voluntary initiatives that complement each other. The Global Compact promotes responsible corporate citizenship through learning and action on the basis of nine universal principles. The Global Reporting Initiative promotes transparency and accountability through reporting. The two initiatives have always supported each other with the United Nations Environment Programme being a key partner in both."
"Companies participating in both initiatives have long stressed the understanding that the GRI is a practical expression of the UN Secretary-General's Global Compact. This understanding was reaffirmed at a recent meeting of the Global Compact, held in London / Denham. Therefore, companies may wish to use their involvement in the GRI as an example of their commitment to the Global Compact. This recognition serves to confirm the complimentarity between the Global Compact and the Global Reporting Initiative and will facilitate corporate engagement in both initiatives."