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. The CSR vision defines VP Bank’s goals.
A CSR Board chaired by the Chief Investment Officer was set up in 2015 to implement this strategy. Among the concrete measures taken in 2018 were the continued support of the drinking water project "Drink & Donate", the advancement of sustainability in the investment process, the expansion of sustainability mandates at VP Bank as well as internal measures relating to the topics of "Volunteering Day", saving electricity and reducing paper consumption. VP Bank's intranet provides employees with an overview of its activities.
In May 2018, VP Bank supported the Green Summit at the University of Liechtenstein. The aim is to promote the transition to sustainability. In this context, the Institute of Finance of the University of Liechtenstein organised a workshop on the topic of sustainable finance, in which academics from various universities presented their research results in the field of sustainable investing. The best work received the VP Bank Best Paper Award.
Further 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.
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. The brochure "Sustainability at VP Bank" provides an overview of the measures taken.
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, in excess of 13,500 signatories in nearly 160 countries, including more than 9,900 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.
The signatory companies must publish an annual report on compliance with these 10 principles. VP Bank’s 2018 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 under “About us – Responsibility – Sustainability.”