The Global Compact was formed at the initiative of then UN Secretary General, Kofi Annan, in 1999, because the UN wants business and industry to be more closely associated with the UN’s work. Companies that sign the Global Compact undertake to support 10 principles on human rights, labor standards, the environment and the fight against corruption.
Hydro has played an active role in the Global Compact since its formation. Our commitment is expressed by the President & CEO in his letter to shareholders. Our Communication on progress (COP) in relation to the Compact's 10 principles is at the Advanced level and thus also reflects the Global Compact's 21 advanced criteria. The COP has been reviewed by our external auditor, see page 117 in Hydro's Annual Report 2014.
In addition to our participation in the Global Compact, we also take active part in the Global Compact Nordic Network. Financial contributions are given as ordinary membership fees.
A complete report can be found below.We have chosen to combine our GRI reporting with our Communication on Progress in accordance with the Global Compact’s 10 principles and 21 advanced criteria. The index also includes references to the International Council on Mining and Metals' 10 principles and position statements as well as to how we relate to the Aluminium Stewardship Inititative's (ASI) 11 principles and underlying criteria.
Please be aware that Hydro does not report on the "Business and peace" element in its Communication on Progress, as this element is currently not relevant for Hydro's activities.