In the light of the challenges facing global business today, all Essay

In the light of the challenges facing global business today, all companies listed on stock exchanges should adopt the UN Global - Essay Example This paper argues that â€Å"in the light of the challenges facing global business today, all companies listed on stock exchanges should adopt the UN Global Compact on responsible management† Globalization conveys people, culture, societies together and necessity and chances for cooperation enabling more prosperity and complex understanding to boost. Accountable businesses that establish proactive corporate practices and policies involving those valued by human rights, upon ensuring decent and safe working environments protection and excellent corporate governance contribute largely towards achieving social, economic and environmental goals. They also assist in making of markets more maintainable, inclusive and stable. Forming practices and rules which boost business responsibilities may also contribute towards business competitiveness. Enforcement and adoption of regulations and laws lies with the governments thus, business guided efforts can only be maintained and scaled whe n rules of law, public institutions, predictable regulatory and transparent efforts maintain the accountable business exercises. Much more, the collaborative multi-stakeholder enhancements amidst business, institutions, labor organizations and civil society give chances to boost promote innovation and extensive sustainable progression in manners capable to extend what businesses and governments produce on their own (Creaton, 2007). There are some ways in which Governments may sustain accountable business exercises. These are: Forming enabling conditions where governments may allocate crucial conditions for corporate accountability matters for dialogue and progression. This could also involve guiding by example like by articulation maintaining for corporate accountability principles and guidelines. Raising consciousness as the governments may dynamically draw attention to usual matters, benefits and aspects of corporate responsibility and enable for public debates. On promotion gover nments may come with best practices like giving of awards likewise to endorsement or invite wider community and invite businesses support for voluntary corporate accountability activities, programs and initiatives such as UN Global Compact. Tools progression ensure recognizing that business sectors can at times require requirement facilitation or guidance help as governments could help the progression of corporate accountability guidelines, programs and realization of particular designed which encourages entrepreneurism and corporate accountability amongst the medium and small sized enterprises areas. Funding where the governments have resources and may directly add to resources to assist voluntary initiative to exploit their effects. UN Global Compact renewed the multi-stakeholder obligations, widening of business establishment, boosting of financial market incentives, added governmental maintenance and extending of wider UN-premises agenda. All the points lies with the decision th at business workings in pragmatic and principled