Addressing Economic Crisis, Governments Reaffirm Importance of Principle-Based Business

New York, United States of America

(New York, 26 June 2009) - Government Leaders gathered in New York for the United Nations Conference on the World Financial and Economic Crisis and Its Impact on Development have today reaffirmed the need to root business in universal values and principles, such as those promoted by the UN Global Compact. In a comprehensive outcome document detailing the causes and impacts of the crisis and outlining possible responses and actions to be taken, Heads of State and Government underscored the role of the Global Compact principles: 

"The ongoing crisis has highlighted the extent to which our economies are integrated, the indivisibility of our collective well-being and the unsustainability of a narrow focus on short-term gains. We reaffirm the principles of sustainable development and underscore the need for a global consensus on the key values and principles that will promote sustainable, fair and equitable economic development. We believe that corporate social and environmental responsibility are important elements of such a consensus. In this regard we recognize the importance of the 10 principles of the United Nations Global Compact." 

The world financial and economic crisis and its impact on development: Report of the Secretary-General.