The Sumitomo Corporation Group declared in March 2009 its support for the UN Global Compact's 10 principles. Upon its participation in the Global Compact, the Sumitomo Corporation Group committed itself to make further improvements by constantly assessing enhancements of its business activities in light of the values advocated by the 10 principles.
The Global Compact (GC) was proposed by the former UN Secretary General Kofi Annan at the World Economic Forum (in Davos) in 1999 and officially launched in 2000 at the UN Headquarters in New York. The GC is an initiative aimed at realizing the sustainable growth of the global economy through the voluntary participation of businesses in a worldwide network. The UN invites companies and organizations from around the world to join in the GC and currently has about over 10,000 companies and organizations from 145 countries participating. The GC has compiled 10 universal principles recognized by the international community based on international agreements in the areas of human rights, labour standards, environment and anti-corruption. Participating companies adopt the 10 principles into their business operations and strategies and are expected to assume responsible and creative leadership as a good corporate citizen for the purpose of achieving sustainable growth.