Is the Global Compact a substitute for existing regulatory approaches?
Absolutely not. The Global Compact views itself as complementing other voluntary initiatives and regulatory approaches by helping to establish the business case for human rights, labour standards, environmental stewardship and the fight against corruption. The Global Compact is a purely voluntary initiative designed to promote innovation in relation to good corporate citizenship. Many of the existing standards support the principles of the Global Compact and are therefore are quite consistent with its overall objectives.
