In anticipation of Earth Day, we are proud to announce that COTY has made a public commitment to support the ten principles of the Global Compact on human rights, labor, environment, and anti-corruption. The United Nations Global Compact is the world’s largest corporate citizenship initiative with a presence in over 120 countries.
With this, comes the expressed intent in making the Global Compact and its principles part of the strategy, culture, and operations of the company, while engaging in the broader developmental goals of the United Nations.
With over 8,000 companies and 4,000 non-business participants, the Global Compact helps companies, whether beginners on the sustainability journey or recognized champions, to meet their commitment to operating responsibly and implement effective change. This is done through a range of activities at the international and local levels – from raising awareness and developing resources and best practices, to facilitating partnerships and developing action-based initiatives on critical issues like climate, water and women empowerment.
The vast majority of CEOs consider sustainability important to the future success of their industry, and an opportunity for growth and innovation. Corporate sustainability is essential for long-term corporate success and to be sustainable, companies must do five things. Foremost, they must operate responsibly in alignment with universal principles and take actions that support the community around them. Then, to push sustainability deep into the corporate DNA, companies must commit at the highest level, report annually on their efforts, and engage locally where they have a presence.
At the core of the Global Compact, mission are best practices tied to universal principles that help the global marketplace be more economically and socially inclusive, thereby advancing the international goals of cooperation, development, and peace.
Sustainable companies look beyond their walls and take actions to support the societies around them. It begins with operating with integrity – respecting fundamental responsibilities in the areas of human rights, labor, environment and anti-corruption. The Global Compact Ten Principles provide a universal language for corporate responsibility.
COTY’s sustainability strategy supports its vision for the year 2020 and beyond. Staying mindful of the impacts of our operations and the products we sell, we are supporting a responsible ecosystem with our people and business partners, fostering governance integrating social, environmental and ethical principles. Transparent and honest reporting of our progress will develop further in order to build credibility with our actions.
The Global Compact requires participating companies to produce an annual Communication on Progress (COP) This public disclosure will explain the progress made in implementing the Ten Principles into strategies and operations. As the material impact of non-financial issues is recognized by investors, sustainability is not just good business sense but also increasingly a bottom line advantage linked to risk management fiduciary duty, growth opportunities, and stakeholder interests.
Additionally, the Global Compact Local Networks advance corporate sustainability at the grassroots level by helping companies understand what responsible business means within a national context. Through these networks, COTY and especially its CSR Ambassadors can make local connections and receive guidance to put our sustainability commitments into action.