The United Nations Global Compact, the world's largest voluntary corporate citizenship initiative, has enrolled over 1500 companies and two dozen Non-Governmental Organisations (NGOs) and labour groups from over 70 countries since its inception in 2000. There is, however, a vocal chorus of critics of the Global Compact (primarily from the NGO community) that focus their criticisms on: the questionable level of participating company compliance with the ten principles that define the Global Compact (which address human rights, labour, environmental, and corruption issues), the lack of transparency of actual company results to outside auditors. In this paper, I offer a coherent set of recommendations that strengthen a self-regulation regime whose purpose is enhancing the efficacy of the Global Compact and transnational corporate citizenship. These recommendations focus on implementing a systematic approach to corporate accountability and transparency that is built on a foundation of the Global Compact's ten principles.