열린장관실

Congratulatory Remarks by H.E. Yu Myung-hwan
Gala Dinner co-hosted by UN Global Compact / PRI / UNEP-FI
17 June 2008, Seoul

Mr. Donald MacDonald, Chair of the Principles for Responsible Investment,
Mr. Paul Clements-Hunt, Head of the UNEP Finance Initiative,
Mr. Georg Kell, Executive Director of the UN Global Compact,
Mr. Nam Seung-Woo(남승우), President of the UN Global Compact-Korea Network,
Mr. Cheong Hae-Bong(정해봉), President of Eco-Frontier,
Mr. Sohn Kyung-shik(손경식), the Honorable Chairman of Korea Chamber of Commerce and Industry
Distinguished Participants,

Ladies and Gentlemen,

 First of all, I would like to extend my warmest welcome to the distinguished guests from all corners of the globe.  It is a great honor for me to deliver these congratulatory remarks at this meaningful event.  And I am particularly pleased that the timely conference is being held here in Seoul, as there is a growing awareness among the Korean business community on the importance of social responsibilities.

 This occasion is very significant in that it has brought together an eminent group of leaders in the areas of business, politics, academia, and civil society to engage in a valuable exchange of views on the latest issues in the field of sustainable finance, responsible investment, and corporate citizenship. 

 Unlike the past, the goal of investors, financial institutions and businesses these days is not simply limited to generating higher profits.  More than ever before, there is a growing call for them to take on social responsibilities in addressing global issues such as climate change, human rights, and anti-corruption.  Indeed, the development of the United Nations Global Compact, the Principles for Responsible Investment (PRI), and the United Nations Environment Programme’s Finance Initiative (UNEP-FI) all serves to clearly illustrate this changing perception of the roles and responsibilities of the private sector.

 Korea is a case in point.  There has been a rapid increase in the number of investors, financial institutions and businesses joining these activities. For example, in early 2007, the Korean Network of the UN Global Compact had only about 20 members, -- but now, the figure has gone up to more than 120.

 In this age of globalization, the private sector, with the great influence it has on people’s daily lives, -- and the United Nations, with its qualities of universality, democracy and legitimacy, -- both have great potential to benefit each other.  By bringing the values of the United Nations into the activities of the private sector, the UN can have a more positive and direct impact on the daily lives of people.  And the private sector, through strengthened partnership with the United Nations, can contribute more to common prosperity, -- and thereby enhance the public perception of corporations and investors.

 In the past, many businesses in Asia were not fully aware of their social responsibilities.  For example, in the process of rapid economic development during the 1970’s and 80’s, Korean entrepreneurs focused most of their attention on survival and growth.  By making Korea achieve high growth rates, far exceeding the world average, they served as a major driving force behind the rapid development of this country.  However, there was a tendency to take not enough interest in the ethical management of corporations.

 Now, not only in Korea, but throughout the Asian region at large, people are paying greater attention to improving the governance of corporations and enhancing transparency. This kind of development, coupled with the dynamic features of the Asian economy as a whole, can have a great impact on the sound and sustainable economic growth not only in Asia but also of other parts of the world.  I am confident that the three leading public-private partnerships, namely, the UN Global Compact, UNEP Finance Initiative and the PRI (Principles for Responsible Investment) will make invaluable contributions in this regard.

 In closing, I would like express my sincere congratulations on the adoption of the Seoul Declaration.  I believe that the Seoul Declaration will serve as an important basis to further spread the concept of corporate social responsibility (CSR) and universal norms as envisaged by the United Nations.

 Once again, I thank all of you for coming to Seoul, the capital of ‘Dynamic Korea’, to participate in this meaningful event, --  I hope you have a pleasant stay and take with you happy memories of this occasion.

Thank you very much.