The UN Global Compact expressed broad business support for the setting up of an effective monitoring mechanism for the United Nations Convention against Corruption. At the Convention’s Conference of State Parties in Doha, Qatar, Head of Anti-Corruption Initiatives in the Global Compact Office, Olajobi Makinwa, emphasised the importance of the Global Compact as a voluntary framework for addressing Anti-Corruption in both the private and public sectors.

Makinwa also presented a CEO statement, urging for the establishment of an independent, inclusive, transparent and efficient review mechanism to the Convention. The unique statement, the first of its kind in the history of the United Nations, was signed by approximately 100 chief executives from around the world. The statement is a joint initiative of the Global Compact, the International Chamber of Commerce, Transparency International, and the World Economic Forum Partnering Against Corruption Initiative (PACI).

Makinwa said in a statement, “Business increasingly understands the costs and risks of corruption... A growing number of corporations are ready to act. A strong business commitment to fight corruption in all its forms will improve investment prospects, open further business opportunities and advance market stability.” 

Further highlighting the critical importance of the fight against corruption to business, the Global Compact’s Anti-Corruption Working Group recently agreed on a new and comprehensive disclosure framework to help companies communicate publicly on the their anti-corruption policies and practices. Further details about this framework will be shared in the coming weeks.