Through the years, sports sponsorship has grown beyond specific business interests or brand promoting activity to become a significant and very public demonstration of corporate image. By the same token, the risks associated with its considerable reputational impact are significant and far-reaching; typically this impact is on three levels – within the company, along the value chain and within society.
That is why the UN Global Compact Guide on Sport Sponsorship and Sport Related Hospitality is a much-needed tool to encourage and to drive adherence to the UN Global Compact 10th Principle, which focuses on working against corruption in all its forms. Indeed, the increasing and well known cases of allegations of corruption in sport sponsorships and sport related hospitality call for a new approach to tackling corruption in this space, one that is more precautionary and proactive than reactionary.
Fighting corruption is a win- win philosophy as the well-being of our communities is directly linked to business sustainability. That is why businesses must uphold ethical conduct as the essence of all their operations- with their shareholders, customers, employees, regulatory bodies, vendors and beneficiaries alike who are key drivers for mutual success and shared value.