First Abu Dhabi company to join world’s largest Corporate Responsibility initiative
The Abu Dhabi National Energy Company PJSC (TAQA), a publicly listed company on the Abu Dhabi Securities Market (ADSM: TAQA), today announced that it has joined the United Nations Global Compact (Compact), the world’s largest voluntary corporate responsibility initiative.
The Compact is an initiative to encourage businesses worldwide to adopt sustainable and socially responsible policies and procedures, focused on addressing human rights issues, environmental concerns and corporate corruption.
Commenting on the initiative, Peter Barker-Homek, CEO of TAQA said: "TAQA is aware of the issues that plague our world today and we want to do whatever is in our power to make a difference. With over 2800 employees and a presence in nine countries worldwide, TAQA holds itself to the highest standards of ethical and sustainable practices and ensures that all its employees and stakeholders individually model the company’s beliefs. By joining the Compact, TAQA is once again underlining its commitment to adopting the highest standards of corporate social responsibility."
As part of the Compact initiative, TAQA has agreed to adhere to ten universally accepted principles derived from various treaties including; the Universal Declaration of Human Rights, The International Labour Organisation (ILO) Declaration on Fundamental Principles and Rights at Work, The Rio Declaration on Environment and Development and lastly the UN Convention against corruption. Adherence to these principles ensure that businesses protect and support human rights; uphold the right to collective bargaining, eliminate forced and child labor and combat extortion and bribery. Additionally, measures must be taken to prevent further damage to the environment.
The UN Global Compact does not enforce or monitor a company’s practices; rather it relies on accountability and transparency, a concept that TAQA takes pride in. Signing the pact allows companies to demonstrate leadership, share beneficial practices, increase awareness and take a stance on issues and work together to resolve them.
In addition to becoming the first company in Abu Dhabi to join Compact, TAQA recently became the first company in the region to be invited to join the Combat Climate Change Initiative, a business leaders’ initiative seeking to deeply ingrain climate issues into the world of markets and trade. The company also recently partnered with Emirates Environmental Groups to offer recycling centers within schools throughout the UAE. TAQA is renowned for being a meritocratic and diverse organization offering equal opportunities to its employees around the world.
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