"The UN Global Compact incorporates a transparency and accountability policy known as the communications on progress (COP)." Elaborate.

The UN Global Compact incorporates a transparency and accountability policy known as the Communication on Progress (COP). The Communication on Progress (COP) is an annual disclosure to stakeholders on progress made in implementing the ten principles of the UN Global Compact in the areas of human rights, labour, environment and anti-corruption, and in supporting broader UN development goals. The COP is posted on the Global Compact website by business participants. Failure to issue a COP changes a participant's status to non-communicating and can eventually lead to the expulsion of the participant. The COP helps drive continuous sustainability performance improvement within the company. The COP provides investors with sustainability performance information of companies, thus allowing for a more effective integration of environmental, social and governance (ESG) considerations in their investments and resulting in a more effective allocation of capital. The COP is an important demonstration of a company's commitment to transparency and accountability and it serves as an effective tool for multi-stakeholder dialogue.