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 81 in Hydro's Annual Report 2013.
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 also showing our compliance with the Global Reporting Initiative's and the International Council on Mining and Metal's reporting requirements are to be found below. 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.
Download the combined GRI and Global Compact index
Hydro's GRI index for 2013