CSR reporting
VP Bank’s goal is to further develop and improve its work in the sustainability policy area. Group Executive Management promotes VP Bank’s heightened commitment to sustainability and corporate social responsibility (CSR). The related measures include more active networking with the corresponding stakeholders, VP Bank’s membership in the UN Global Compact (see below), awareness-raising initiatives within the bank, integrating sustainability criteria more closely in the investment process and advisory discussions and a wide-ranging societal commitment.
A CSR working group was created to implement these measures. In 2017, concrete measures included participation in an internet platform to promote carpooling, support for the “Drink & Donate” drinking water project, the establishment of a CSR Board for sustainability in the investment process, the introduction of sustainability mandates at VP Bank and such internal energy conservation measures as turning off computers and reducing paper consumption.
The reports on these measures are presented in the following sections. The current target attainment figures are largely based on data from Liechtenstein. VP Bank plans to introduce Group-wide environmental reporting in the coming years.
CSR – reporting requirement
Transparency is essential for doing business and assuming corporate responsibility in a sustainable way. This means disclosing information that is important to the key interest groups/stakeholders. As a socially responsible company, VP Bank also wants to set an example through its reporting to stakeholders.
In effort to make Europe’s economy more successful and competitive, the EU has prescribed that major companies with dealings in capital markets must in the future disclose not only financial but also non-financial key figures. In February 2014, the EU member states agreed on a reporting obligation concerning corporate social responsibility (CSR). As from 2017, large companies with more than 500 employees must report on their achievements in matters involving the environment, society, employees, human rights, the fight against corruption and diversity in management bodies. The UN Global Compact is one of the models that companies can draw on for this purpose.
UN Global Compact
VP Bank uses the 10 principles of the United Nations Global Compact as the guiding principle of its sustainability policy.
The United Nations Global Compact is a universal convention concluded between companies and the UN with the aim of shaping globalisation in a more social and environmentally friendly way. It is the largest sustainability initiative the world has ever seen, with more than 12,800 signatories in nearly 170 countries, including more than 9,700 companies.
VP Bank has been a signatory company since 2016 and thereby made a commitment to the UN Global Compact (UNGC) “Ten Principles” of responsible business. VP Bank expects its employees and management as well as its partners and suppliers to demonstrate responsible conduct under these principles:
Principle 1: | VP Bank pledges to respect internation- ally proclaimed human rights and pro- mote them within its sphere of in uence. |
Principle 2: | VP Bank ensures that it is not complicit in human rights abuses. |
Principle 3: | VP Bank respects the rights of its employ- ees to associate freely and recognises their right to collective bargaining. |
Principle 4: | VP Bank prohibits all types of forced and compulsory labour. |
Principle 5: | VP Bank advocates for the elimination of child labour. |
Principle 6: | VP Bank prohibits any form of discrimina- tion in respect of employment and occu- pation. |
Principle 7: | VP Bank supports a precautionary approach to environmental challenges. |
Principle 8: | VP Bank undertakes initiatives to promote greater environmental responsibility. |
Principle 9: | VP Bank encourages the development and diffusion of environmentally friendly technologies |
Principle 10: | VP Bank works against corruption in all its forms, notably extortion and bribery. |
The signatory companies must publish an annual report on compliance with these 10 principles. VP Bank’s 2017 UN Global Compact Communication on Progress (COP) report is available on the website of the UN Global Compact as well as that of VP Bank.