Social responsibility to take stage in Davos
When the global economic conference begins on Wednesday in Davos, Switzerland, corporate social responsibility likely will take a bigger role than in past years. While companies that have a good governance aspect are not new, the increasing role private business plays in global economics, as well as the criticism of corporations from groups like Occupy Wall Street will certainly raise their profile.
“A lot of global challenges require active engagement of business,” Matthias Stausberg, spokesman for the United National Global Compact, tells CNBC.
The Compact is an initiative for companies that voluntarily commit to aligning operations with 10 principles covering human rights, the environment, labor and corruption.
Despite recent focus on corruption on Wall Street, the Financial Times notes that the public has even less faith in government than in business. According to the Edelman Trust Barometer, politicians are less trusted than business or the media.