GFCR Private Sector Partnerships Due Diligence Policy

The Global Fund for Coral Reefs (GFCR) recognises the private sector as a vital partner in its mission to preserve and restore coral reef ecosystems. This Private Sector Partnership Due Diligence Policy establishes a framework for engaging private sector entities across various scales, from local businesses to multinational corporations, in alignment with GFCR's overall strategy and values.

The Policy ensures a systematic approach to developing, assessing, establishing, and managing private sector partnerships and associated risks. It aligns with the United Nations (UN) Sustainable Development Group (UNSDG) Common Approach to Prospect Research and Due Diligence for Business Sector Partnerships 1 , as well as relevant international integrity and sustainability principles, including the UN Global Compact Ten Principles and UN Guiding Principles on Business and Human Rights2.

By establishing clear guidelines and expectations, this policy aims to maximise the positive impact of private sector collaboration while maintaining the integrity and effectiveness of GFCR's coral reef conservation efforts.

The Policy outlines the GFCR's expectations for Convening Agents in engaging responsibly with the private sector. It provides guidance on the purpose and scope of private sector engagement, including types of private sector partners and engagement modalities; the principles governing private sector partnerships; the requirements for partner selection; the necessary steps for responsible engagement, risk assessment and due diligence; and mechanisms for communicating, monitoring, and reporting on private sector engagements.