Foundation for Excellence in Business Practice - Geneva
We, entrepreneurs and business leaders of different nationalities, conscious of our responsibility to the present and future generations, are united in the belief that business must be based on profitability, but that its practice must extend far beyond financial objectives.
We therefore affirm that excellence in business practice must reflect the following ten principles:
- Profit to be achieved on a sustainable basis in a competitive environment.
- Financial reporting and expectations to be true and fair, and presented on a timely basis to managers, shareholders, potential investors and authorities, in accordance with the best practices of corporate governance.
- Competition to be open and honest.
- Employees to be treated with respect for human rights and labour standards, and to be given opportunities for personal fulfilment and for the expression of their views on corporate matters.
- The environment to be respected, in terms both of avoiding damage and of the sustainable exploitation of natural resources.
- Business to play its full role in society at large, especially in the fields of education, culture and sport.
- Corruption to be spurned in all aspects of business activities.
- Business to endeavour to avoid causing conflict and to bring peoples and groups to a closer mutual understanding and respect.
- Suppliers to be selected from as broad a base as possible and in open competition, and customers to be seen in the light of long-term relationships.
- Greater awareness of business to be encouraged amongst students and entrepreneurs and they are to be informed about entering and expanding enterprises.
We invite the leaders of business everywhere to adhere to these principles.
