VP Bank’s goal is to further develop and improve its work in the sustainability 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, 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. With the creation of a “Head Group Sustainability”, the CSR competence centre was strengthened in 2019.
Among the concrete measures taken in 2019 were the extension of the partnership with the “Drink & Donate” drinking water project, the promotion of sustainability in the investment and advisory process, the expansion of sustainability mandates at VP Bank, donations of office furniture to the Order of Malta, investments to increase the electricity yield from solar energy, as well as internal measures relating to the topics of “Volunteering Day”, recycling at the workplace, mobility management and the reduction of paper consumption. In November 2019, an internal survey was conducted on the subject of sustainability.
In May 2019, VP Bank once again supported the organisation of the “Sustainable Finance” workshop at the University of Liechtenstein, 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.
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. 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 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 management.
The United Nations Global Compact is a worldwide initiative calling on companies to align its business to be more socially and ecologically responsible. It is the largest sustainability initiative the world has ever seen, with more than 12,000 signatories in about 160 countries.
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 2019 UN Global Compact Communication on Progress (COP) report is available on the website of the UN Global Compact1 as well as that of VP Bank under “About us / Responsibility”.