(Geneva, 3 April 2007) The Global Compact hosted its third annual expert meeting on the Communication on Progress (COP), at the Palais des Nations in Geneva on 2-3 April.
36 participants from participating companies, local Global Compact networks and the Global Compact office came to Geneva to discuss incentives and obstacles to communicating progress. In addition, participants helped refine the Notables programme that distinguishes emerging best practices in communicating progress.
The Communication on Progress (COP) is a description of actions taken by participants in support of the Global Compact. The COP is expected annually of all participating companies, and must be shared publicly with stakeholders - through annual financial, sustainability or other prominent public reports, in print or on the participant’s website.
The purpose of the COP requirement is both to ensure and deepen the commitment of Global Compact participants and to safeguard the integrity of the initiative. It also aims to create a rich repository of corporate practices that serves as a basis for learning and continuous performance improvement.
“COPs are a great source of information for financial analysts, civil society organizations and other stakeholders,” said Jeff Senne, COP Manager in the Global Compact Office. “We firmly believe that public accountability and transparency are crucial to any company’s efforts to manage risks and opportunities, and we are increasingly impressed with the quality of information contained within the COPs we receive.”
The COP is one of the initiative's key integrity measures, ensuring a transparent and accountable reporting mechanism. Companies that fail to report for two consecutive years are marked as "inactive" on the Global Compact website.