On 24 June 2004, the United Nations Global Compact added its 10th principle against corruption. This addition was an important step for the initiative. Corruption impedes the development of markets, drives away investment, increases the costs of doing business, and undermines the rule of law. It has a corrosive effect on democracy and the general well-being of a nation. urthermore, corruption also undermines the implementation of the other Global Compact principles in the area of human rights, labour standards and environmental standards. With the emergence of the United Nations Convention against Corruption, which was signed on December 2003 and entered into force on 14 December 2005, the Global Compact was able to add this important principle, thus providing the platform for an extraordinary coalition of business, labour, civil society organizations and governments to fight corruption.
Fuente: Red de Pacto Global