VP Bank's suppliers

The procurement approach has a considerable influence on VP Bank’s environmental impact, image and, not least, cost structure. When commissioning goods and services, VP Bank considers not only basic requirements but also a range of other criteria such as environmental standards, quality, energy consumption and waste disposal.

The “Procurement principles of VP Bank” establish guidelines for how VP Bank conducts its purchasing activities. Transparent ordering criteria, clearly defined requirements for suppliers and uniform supplier evaluations ensure the quality of the procurement process and supplier relationship. 

VP Bank’s purchasing department supports the specialist departments and project heads in the solicitation and evaluation of offers, as well as in the quality assessment of suppliers. It also defines the preferred partners and suppliers of VP Bank. Whenever advantageous, the purchasing department concludes framework contracts with suppliers. Working with the corresponding specialist department, it defines specific procurement criteria for selected products that may also involve sustainability considerations.

The purchasing approach adheres to the environmental principle of “avoid, reduce, recycle”. If goods offer comparable characteristics at the same conditions, preference is given to those that are especially environmentally friendly or come from environmentally certified producers. 

VP Bank’s suppliers are urged to voluntarily propose environmentally friendly alternatives. They are also required to deliver only merchandise and goods that are in keeping with Liechtenstein’s environmental laws and come from countries that comply with the conventions of the International Labour Organisation (ILO). 

These conventions establish minimum standards for the observance of human rights, equal opportunity (nationality, gender), working conditions (occupational health and safety, wages) and have clear guidelines on such issues as child labour and pollution. 

The main criteria in VP Bank’s selection process are per­formance, product quality to specifications, price, creditworthiness, legal compliance and adherence to environmental and social standards. In this regard, VP Bank values regional procurement. In cases of equivalent offers (price, quality), preference is given to local suppliers and manufacturers.

In terms of printing services, VP Bank works primarily with partner companies that print in a climate-neutral way. In the procurement of shareholder gifs, sustainable suppliers from the surrounding region are worked with – for example, the Health Education Center of the Principality of Liechtenstein (HPZ). VP Bank also uses this institution for packaging purposes.

To optimise its supply chain, VP Bank maintains a constant dialogue with its suppliers. For larger orders, specification sheets are drawn up and discussed with the suppliers. On large-scale orders, suppliers that are not chosen are notified either in writing or by telephone, and the reasons for the negative decision given in either case. 

Suppliers are periodically assessed according to the following criteria: price/performance, quality, reliability, social and environmental compatibility and observance of delivery dates and administrative processes. Upon request, the results of the assessment are discussed verbally with the supplier.