The Second Global Compact Leaders Summit demonstrated clear focus and recognition of steps to move the initiative forward when it convened on 5 and 6 July 2007 in Geneva, Switzerland. The Summit saw the promising adoption of the Geneva Declaration, enforcement on principle-based partnerships and the implementation of a number of prominent global and local public-private initiatives under the central themes of corporate responsibility and leadership. The Global Compact, established in 1999, has been facilitating multi-level partnerships between the private sector and other social actors to help find solutions to the challenges of globalization and realize the vision of a more sustainable and inclusive global economy.

With rising recognition of the importance of partnerships, an increasing number of countries, organizations and business attended the Summit and have subscribed and pledged to observe the Global Compact's ten universal principles relating to human rights, labour rights, the environment and the struggle against corruption. The Summit, with the official theme of Facing Realities: Getting Down to Business provided a platform for leaders to develop strategic frameworks for addressing a host of issues at the intersection of business and society.

Chaired by UN Secretary-General Ban Ki-moon, the most important achievement came with the Summit's ability to engage business leaders from both developed and developing countries, as well as top executives of corporations, ranging from Coca-Cola and Petrobras to Fuji Xerox, and getting them to adopt the 21-point Geneva Declaration, which spells out concrete actions for business, Governments and United Nations Global Compact participants.

The Declaration confirms that Global Compact participants should follow a principles-based approach in their strategy, operations and culture, especially through responsible business practice, which involves encouraging supply-chain or business partners to commit to the Compact's ten principles, while also carrying out advocacy on climate change and development. In accordance with the ten principles, investors and companies can play a constructive role by engaging in countries afflicted by conflict or weak governance. The Geneva Declaration expresses the belief that "globalization, if rooted in universal principles, has the power to improve our world fundamentally-delivering economic and social benefits to people, communities and markets everywhere".

A Ministerial Roundtable to discuss the role of Governments in promoting responsible corporate citizenship, chaired by UN General Assembly President Sheikha Haya Rashed al Khalifa, six parallel sessions with prominent speakers, such as UN High Commissioner for Human Rights Louise Arbour, focused on human rights, labour, climate change, the environment, United Nations-business partnerships, corruption and responsible investment. Alongside meetings and discussions, important practical partnerships were formed.

For example, through the Caring for Climate platform, the Chief Executive Officers (CEOs) of 150 companies from around the world, including 30 from the "Fortune Global 500", pledged to speed up action on climate change. They called on Governments to agree on follow-up measures to the Kyoto Protocol as soon as possible, in order to secure workable and inclusive climate market mechanisms. The CEOs of Coca-Cola Company, Levi Strauss & Co., Läckeby Water Group, Nestlé S.A., SABMiller and Suez urged their business peers to take immediate action to address the global water crisis, launching The CEO Water Mandate, a project designed to help companies to more effectively manage water use in their operations and throughout their supply chains. The Summit also saw the launch of a number of other initiatives, such as the Principles for Responsible Investment, which aims to disseminate the tenets of corporate citizenship among capital markets, while the Principles for Responsible Management Education aims to promote awareness regarding universal values and business into business schools around the world.

In reflection, Summit Chairman Sir Mark Moody-Stuart said: "We had a remarkable successful meeting. … At the first summit three years ago, many companies subscribed to the Global Compact principles because it sounded like the right thing to do, but did not really know how to put them into practice. We are now moving forward towards implementation."

At the closing of the meeting, Secretary-General Ban commended participants: "Through several groundbreaking reports, you have made it abundantly clear that market leadership and sustainability leadership go hand-in-hand." He called on business leaders to convene board meetings to share developments at the Summit and ensure that the Global Compact is fully implemented within their companies and by their suppliers and business partners. He advised that civil society and labour leaders should remain "vigilant … and continue to hold businesses accountable for their commitments". Mr. Ban also called on Governments to support the Global Compact as a unique public-private partnership initiative, urging the United Nations to integrate the Global Compact principles throughout the Organization. "Together, through the Geneva Declaration, we have deepened our collective commitment to embedding universal values in economies and markets. Let us each do our share to give practical meaning to the Declaration."