Pemex to Join UN Global Business Ethics Pact January 9

Mexico's state oil company Pemex will sign on January 9 a UN initiative called the Global Compact (GC) that requires companies to implement an ethics code based on 10 principles related to human rights, labor rules, environmental protection and anti-corruption, Pemex said in a statement.

The GC's operational phase was launched at UN Headquarters in New York in July 2000. The GC is a direct initiative of UN secretary-general Kofi Annan.

"Through the power of collective action, the GC seeks to promote responsible corporate citizenship so that business can be part of the solution to the challenges of globalization," the GC website said.

More than 2,000 companies and organizations around the world have signed on to the agreement, Pemex said.

At a ceremony on January 9, Pemex CEO Luis Ramírez Corzo will sign the agreement before the UN's representative in Mexico, Thierry Lemaresquier. Mexican federal government as well as private sector representatives will attend the event.

By signing onto the GC, Pemex will ratify its commitment in favor of labor and environmental issues, the statement said.

Pemex will report annually to the UN about its progress on each of the ten principles included in the pact.

It is expected some 2,000-3,000 of Pemex's Mexican suppliers will also sign on to the GC voluntarily.

The 10 principles of the GC include two related to respecting human rights, four to upholding labor standards, three to promoting environmentally friendly business practices and one to fighting all forms of corruption.

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