UN Secretary-General Ban Ki-moon Thursday opened a business summit which aims to make companies take more responsibility for tackling the various challenges facing the globalized world.

The Global Compact is a seven-year-old partnership set up by former UN Secretary-General Kofi Annan, which aims to bring companies together with UN agencies, labor and civil society to advance universal social and environmental principles.

More than 3,000 companies from over 100 countries have now pledged to observe the 10 principles of the compact, which cover human rights, employment standards, environment and anti-corruption measures.

Ban told the opening session of the meeting that companies' commitment to the Global Compact was "essential at a time when objectives and priorities of the international community and the business world are more aligned than ever before."

"You are embracing the Global Compact... because in our interdependent world, business leadership cannot be sustained without showing leadership on environmental, social and governance issues."

Ban also called on business leaders to use the compact as an organizing tool for their global operations. "Ensure that your boards, subsidiaries and supply chain partners use the Compact as both a management guide and a moral compass."

Neville Isdell, chief executive of Coca Cola used his speech to urge companies to play their role in tackling such world challenges as climate change, pollution, aging of the population and poverty.

"The Global Compact gives us the structure and focus for global action," he said.

Some 1,000 participants including politicians and officials, chief executives and the heads of civil societies are attending the two-day meeting of the UN Global Compact, a UN release said.

( Xinhua News Agency July 6, 2007)