UN Global Compact

The UN Global Compact is the largest international initiative designed to engage business-structures in activities on sustainable development and forming global partnership between government and corporate sectors. General Secretary Kofi Annan first advanced the idea of the Global Compact initiative at the World Economic Forum at Davos (Switzerland) in 1999. Officially, the UN Global Compact was formed at the headquarters of the United Nations in 2000. By now, more than 10 thousand organizations from 145 world countries have joined the UNGC including leading foreign financial institutions. In view of important objectives addressed within the UNGC, the initiative’s activity is personally supervised by UN Secretary General Ban Ki-mooon.

The participants of the UN Global Compact are committed to aligning their operations and strategies to 10 universally accepted principles in the areas of human rights, labor, environment and anti-corruption.

State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ joined the UN Global Compact (the UNGC) in December of 2011 reaffirming its intention to contribute to more stable and open global economy and sustainable development.

Vnesheconombank views its participation in the UN Global Compact as a unique strategic opportunity for promoting principles of corporate social responsibility in the Russian business community and for pursuing a policy of conducting civilized and transparent business as well as for improving corporate governance methods and implementing a responsible approach to investing, demonstrating both its own achievements in sustainable development and those of national business at the leading Russian and foreign forums in order to form a sustainable and open economy.

Local UNGC networks function at a national level. These networks are associations of UNGC’s participants within an individual country. The Russian UNGC network was established in 2008 and is now comprised of 75 participants including such big business companies as OJSC Rosneft, the United RUSAL Company, AFK Sistema, OJSC RZHD, OJSC Transaero Airline, OJSC Lukoil, FK Uralsib and others as well as small and medium-sized enterprises, non-profit non-governmental organizations and academic institutes.

Since 2012, the Bank’s representative has been a member of a collegial governance body – the Managing Committee of the UN Global Compact Network Russia.

Being an obvious leader today in the UNGC Network Russia, Vnesheconombank believes that its main objectives for the near future are to make institutional quantitative-qualitative changes and transformations in the Network, promote UNGC principles in the business environment, engage participants from the regions in the Network and step up interaction with government authorities.