BASF commits to United Nations Global Compact, Women’s Empowerment Principles, and CFO Principles on Integrated SDG Investments and Finance
September 22, 2020
To celebrate the 75th anniversary of the United Nations, BASF has reaffirmed its active commitment to the UN Global Compact (UNGC) at the occasion of the UN General Assembly. On September 21, BASF has been announced as a Global Compact LEAD company for its ongoing engagement in the UNGC and for its Ten Principles for responsible business.
As a new commitment, BASF Chief Executive Officer, Dr. Martin Brudermüller, endorsed the CEO Statement of Support for the Women’s Empowerment Principles. Being a member of the CFO Taskforce for the SDGs within the United Nations Global Compact, BASF Chief Financial Officer, Dr. Hans-Ulrich Engel, committed to implement the CFO Principles on Integrated SDG Investments and Finance.
In 2000, BASF co-founded the United Nations Global Compact, a call to companies around the world to align their strategies and operations with ten universal principles for responsible business in the areas of human rights, labor, environment and anti-corruption, and to take action to support societies to achieve the Sustainable Development Goals (SDGs). Since 2011, BASF has been recognized as Global Compact LEAD which represents the highest level of engagement with the UN Global Compact.
Commitment to UNGC renewed after 20 years
The renewed commitment to UNGC includes demonstration of responsible leadership and good governance, investing in addressing systemic inequalities and injustices as well as partnering with the UN, government and civil society to strengthen access to justice, ensure accountability and transparency, provide legal certainty, promote equality and respect human rights. It calls on governments to protect human rights, ensure peace and security and uphold the rule of law, strengthen international cooperation and national legal frameworks. It also asks for multilateralism and global governance to combat corruption, build resilience and achieve the SDGs.
“We are aware of the needs of the fast-growing global population such as access to food and water, energy, raw materials, housing and healthcare. We identify and promote contributions of our products and solutions in supporting societies to reach the UN Sustainable Development Goals. For this reason, we will continue to engage at global and local levels to build multi-stakeholder alliances for meeting these environmental and societal challenges,” says Martin Brudermüller.
Women’s Empowerment Principles
Together with business leaders from across the globe, Brudermüller expressed his support for advancing gender equality by signing and committing to the Women’s Empowerment Principles (WEPs). These offer guidance to business on how to promote gender equality and women’s empowerment in the workplace, marketplace and community. The WEPs are informed by international labor and human rights standards and grounded in the recognition that businesses have a stake in, and a responsibility for, gender equality and women’s empowerment. Brudermüller: “At BASF, we are fully committed to supporting the UN Women’s Empowerment Principles. For our economies to thrive and for society to prosper, we need great ideas and passionate people. We at BASF want to attract and retain the best talent to develop superior solutions for our customers. Fostering female talent is important to us, and we have included gender diversity in our non-financial corporate targets.”
CFO Principles on Integrated SDG Investments and Finance
BASF is a founding member of the CFO Taskforce for the SDGs within the United Nations Global Compact. The Taskforce has agreed on CFO Principles on Integrated SDG Investments and Finance. They complement the UN Global Compact Principles with an aim to leverage corporate finance and investments toward the realization of the SDGs.
The members of the CFO Taskforce commit to implement the CFO Principles on Integrated SDG Investments and Finance and to share their experience and learnings with others. They also commit to set and report against ambitious targets on Integrated SDG Investments and Finance that can substantially accelerate their companies’ transition to a sustainable development.
“BASF has decided to not only focus on a sustainable business but also to integrate sustainability into its financing activities. We have therefore established a framework for financing instruments based on sustainability criteria,” said Hans-Ulrich Engel. “The CFO Principles will support sustainable investments and long-term value creation.”