Two principles which will be discussed in this memo are principle 1 and 10 i.e. dealing with human rights as well as the corruption.
Principle 1 of the Initiative basically indicates that the firms should support and protect the internationally proclaimed human rights. Principle 10 however deals with the corruption and makes it important for the firms not to engage in any kind of corruption including bribery and extortion.1
Considering the above principles, our firm therefore is willing to offer its sincere recommendations and suggestions in this regard. We therefore propose that the corporate members of this local network group must evolve a clear understanding of what are some of the expectations from members while following the initiative besides ensuring that all the firms comply with the regulations at various levels rather than ignoring them at one stage and complying with them on the other. This would ensure that the principles are followed in their true spirit by all.
Our firm strongly believes in these principles and has endeavored to inculcate them into our organizational culture in a manner that will ensure the compliance with all the principles. Our experience however, also suggests that the firms or partners whom we work with may not be in complete compliance with the principles outlined in Global Compact Initiative. As such it becomes our implied responsibility to ensure that all the stakeholders truly understand the relative significance of these principles. Further, the business implications for compliance of these principles can be relatively difficult because companies cannot effectively influence their partners who may be involved in violation of any of the above principles. Our experience with our partners in countries like Bangladesh also indicates that our suppliers engage into activities such as paying low wage rates, offering bribes to officials for getting approvals, having poor