Corporate Governance Takes International Stage, but Americans Scarce

[CShine]

UNITED NATIONS (AP) - Hundreds of executives, labor leaders and policy-makers gathered Thursday at the United Nations to discuss how to improve worldwide business conduct and ethics. But American companies were scarce - a reflection of concern over lawsuits and skepticism about the world body. Just under 70 of the 1,500 companies that have signed on to the United Nations Global Compact are U.S.-based. The voluntary agreement, which was established in 2000, promotes standards for human rights, labor, environmental and, starting this year, anti- corruption standards. By contrast, more than 330 companies based in France and 93 from India have committed to the pact. The remainder of the signers are from 67 other countries, roughly half from developing nations. Compact proponents, including British energy giant BP PLC chief executive Lord Browne say U.S. participation is crucial, though he noted many American companies already practice good governance.

"The vast bulk of companies in the world exist, I think, in the United States, so therefore it is important that they be part of this," Browne told reporters.

Organizers say American corporations are starting to sign on at a quicker clip.

"A lot of companies took a wait-and-see-attitude," said Gavin Power, a senior adviser for the pact. "They were initially concerned that if they joined the compact it would be legally binding."

http://ap.tbo.com/ap/breaking/MGBVJPHHVVD.html

[Dover]

1. I don't like the term "CORPORATE GOVERNANCE" because it

implies that corporations, not governments, run the world. Many corporations seem to have filled the power vacuum that exists due to a lack of large globally viable governing bodies.

Corporations are not, by their nature, accountable to anyone but themselves and the bottomline. This is NOT a workable solution to global governance.

If they need to discuss 'ethics', I don't know why that can't be done at one of the many gatherings that already exist annually such as the G8, the Bilderberg, etc..
There should be a truly governing body unconnected with commerce that would provide oversight.

[mbperrin]

2. Says it all.

"They were initially concerned that if they joined the compact it would be legally binding."


Optional rules, just like everything else in this corporate run whorehouse of a world.