At the beginning of this month the UN Global Compact launched its Annual Review 2008. Let me give you a short summary of the key findings – both  positive and negative.

Let me start with positive ones: Corporations worldwide are adopting increasingly responsible business practices. The number of participating companies has risen to more than 5,000. I was happy to hear that companies from China and India have also taken an increased interest in the Global Compact and have decided to join it. This is definitely a step in the right direction to tackle human rights issues.

Let’s turn to the more unpleasant findings: There are considerable implementation shortcomings, most notably in supply chain management and subsidiary engagement. Less than ten per cent of participating corporations require their suppliers to become members of the Global Compact. It is, however, essential that responsible business practices are adopted through the complete supply chain. Finally, the increase in new participants is clouded by the delisting of 400 corporations, which failed to communicate their progress. We recently launched our 2008 Global Citizenship Report where we summarise our progress in our CSR approach.

This annual review reveals a great deal. It underlines the growing commitment of corporations adopting responsible business practices. It also reveals the challenges of effective implementation. All in all, I think we are on a good CSR path. What do you think?

Jeannette Weisschuh, Director of Global Citizenship, HP EMEA