Corporate social responsibility is carried out by credit institutions. Our approach. The principle of respect for human rights
In recent years, Russian banks have begun to pay more attention to the issues of corporate social responsibility of their activities. On the one hand, this testifies to the transition of Russian society to a new, higher level of institutional development, on the other, it characterizes a certain maturity of credit institutions. International integration has had a significant impact on the activities of commercial banks as socially responsible institutions, in particular, access to international financial markets, the opening of subsidiaries in more institutionally developed Western countries. Globalization leads Russian banks to understand the need to comply with international standards of corporate conduct and ethical norms of modern business. Improving business ethics and expanding corporate social responsibility contribute to a change in the wary attitude of the foreign public, investors, and clients to the Russian banking business, which is necessary for full-fledged international cooperation. Lack of trust on the part of potential clients and investors in international markets can destroy the business of Russian credit organizations entering international markets. In order to be understood and accepted by foreign clients and partners, Russian banks must pursue a transparent social policy. Corporate social responsibility of Russian banks is currently extremely relevant for Russian clients experiencing a crisis of confidence in financial institutions and banks.
Corporate social responsibility is a complex concept that reflects the responsibility of an organization for the impact of its activities on the interests of society, creating conditions for its sustainable development. In this context, sustainable development is understood as a development of society in which the satisfaction of the needs of the current generations does not jeopardize the ability of future generations to subsequently satisfy their needs. This responsibility is voluntary. It goes beyond compliance with the law in relation to customers, employees and shareholders of banks, the population of the regions where credit institutions operate, i.e. all stakeholders who influence banks or are influenced by their activities.
Corporate social responsibility is based on an economic foundation that allows building relationships for a wider and longer perspective with all stakeholders, and reducing strategic and operational risks of banks. As a result of a properly structured and implemented corporate social policy, credit institutions achieve visible competitive advantages, including the strengthening of trust on the part of foreign partners who are more willing to build business relationships on a long-term basis with socially successful companies, the ability to attract and retain the best qualified personnel, and the creation of a sphere around the organization. territorial and social well-being.
The risks associated with the results of social and economic activities of credit institutions are taken into account by banks in the process of making investment decisions. Corporate social responsibility is integrated into the strategic goals and objectives of banks, allows them to strengthen their reputation both in the Russian market and abroad, develop respect for the brand, unite subsidiaries from different countries around common values, which ultimately contributes to a faster growth in capitalization and the credibility of banks in the international market. This distinguishes lending institutions that adhere to corporate social responsibility principles from those that do not adhere to these principles and are focused on quick profit, perhaps to the detriment of some of the weakest participants in the credit market who interact with banks.
In the process of implementing corporate social responsibility, banks should strive to take into account and, if possible, satisfy the needs of all persons interacting with them: shareholders, customers, employees, the population of the regions where banks operate, and society as a whole. In other words, not only the financial results achieved by banks are important for modern society, it is not indifferent to the methods by which these results are achieved. Business should be carried out not only in the interests of the owners, but also of society as a whole. Otherwise, the society may boycott or ignore the business, which, in its opinion, causes environmental or social damage to its development.
Currently, the principles of corporate social responsibility underlie the strategies and business plans of the world's largest companies and banks. The spread of the concept of corporate social responsibility as a policy of sustainable development of organizations has caused the need to standardize this process. International social reporting standards have been developed such as / 141000 AS, GRI, ISO 26000. Each company chooses the most appropriate standard of social responsibility. At the same time, it is obliged to ensure the relationship between sustainable development reporting and financial reporting.
Corporate Social Reporting Standard / 141000 Stakeholders Engagement Standard developed by the British Institute for Social and Ethical Reporting ( Institute of Social and Ethical Accountability)1999. The standard is designed to measure the results of ethical activities of companies and provides a procedure and set of criteria for evaluating such activities. The approach is based on the practice of constant dialogue with persons interacting with the company. According to the requirements of the standard AA1000, the main stages of the social reporting process are planning, reporting and auditing by an external organization. At the planning stage, the company identifies stakeholders who can be influenced by its activities or who themselves influence the company's activities, determines the values \u200b\u200band objectives of its activities. At the stage of preparing reports, information is collected and analyzed, and assessment indicators are determined.
The basis of the standard GRI (Global Reporting Initiative) the concept of sustainable business development is laid, in which companies need to balance economic, environmental and social activities. Recommendations GRI are used by companies to increase competitiveness to attract investment or participate in tenders of international organizations. As well as standard / 141000, GRI provides for the preparation of a report based on dialogues with representatives of stakeholders. As an advantage of the standard GRI highlight the opportunity to use its recommendations in stages, for example, only the general principles of the document, if the company is just embarking on the path of reporting on sustainable development. Also GRI allows the possibility of preparing a report only for one or several areas of the organization. According to the recommendations GRI the report must be published or a public presentation by a representative of the company's management with a report on the results of social activities is required.
Standard ISO 26000: 2010 “Guidelines on Social Responsibility” was adopted in 2010 and contains principles, main themes and issues of social responsibility. Summarizing the experiences of numerous major organizations, the standard promotes best practices in social responsibility by showing how to integrate socially responsible behavior into the strategies, practices and processes of an organization. The standard reflects such aspects of corporate social responsibility as management organization, human rights, labor relations, environmental protection, business ethics, customer relations and the organization's participation in society. The standard assumes that new areas of social relations may arise in the future. On development stage ISO 26000: 2010, the views of the main stakeholders were taken into account: government, business, customers, non-profit organizations, academic institutions, employees and trade unions. ISO 26000: 2010 provides guidance to organizations to help assess the value of their stakeholder engagement and the impact of that engagement on sustainable development. The standard can be applied by both commercial and government organizations in developed countries and countries with economies in transition.
In the activities of a universal bank, interaction takes place with various stakeholders, whose goals are different, and sometimes may be contradictory. Among the stakeholders of the credit institution, it is advisable to single out shareholders and investors, customers, employees, management, partners, regulators, authorities, the population in the territories of the bank's presence, and society as a whole.
The interests of investors and shareholders, on the one hand, and of clients, on the other, may contain contradictions. Thus, investors and shareholders are focused on the efficient operation of banks, a dynamic increase in profits and receiving high dividends. The bank's reliability, a wide range and availability of its services are important for clients. Requirements for the payment of higher dividends may lead to an unreasonable increase in the margin, the price of banking services, which would be contrary to the interests of customers.
Another segment of stakeholders with controversy is the bank's management and employees. This segment contains both internal and external contradictions. Internal contradictions can arise when the result obtained by the entire team of the bank is appropriated primarily by management. For example, contradictions over the distribution of remuneration based on performance for the year. The remuneration received by management must be justified, consistent with achievements and accepted by the work collective. External contradictions are possible between the bank's staff and management, on the one hand, and shareholders and investors, on the other. And also between the staff and management of the bank, on the one hand, and clients, on the other. Thus, employees and management of the bank are interested in comfortable working conditions, professional implementation and a high level of wages. Improving the social conditions of the bank's employees and increasing their salaries leads to an increase in the bank's costs, which in turn may conflict with the interests of both shareholders and customers of the credit institution.
In order to harmonize the conflicting goals of stakeholders and highlight development priorities, the bank needs to develop a social policy that will be implemented in the course of implementing its strategy and business plan. In social policy, the interests and aspects of the interaction of the credit institution with stakeholders should be determined, and the expected results should be formulated. Table 25 shows a possible grouping of stakeholders for the development of a social policy by the bank, taking into account the bank's obligations imposed on it by the current legislation.
Work of a socially oriented commercial bank with stakeholders
Table 25
|
Interested |
Expected results |
||
|
Shareholders and investors |
|
|
|
and services for a wide range of clients |
with regional authorities to improve client welfare |
|
Continuation
|
Interested |
Purpose of the stakeholder group |
Bank work to achieve the goal of the stakeholder group |
Expected results |
|
Employees |
|
|
and implementation of innovations; Improving the efficiency of the bank |
|
Management |
|
|
|
|
Partners |
|
Development of interaction in order to solve common problems |
Expanding the range of products and services, increasing their attractiveness to customers;
|
Continuation
|
Interested |
Purpose of the stakeholder group |
Bank work to achieve the goal of the stakeholder group |
Expected results |
|
Regulator |
|
|
|
|
Regional |
Responsible attitude to pay taxes and other payments to the budget;
|
|
Establishing mutually beneficial cooperation with authorities;
|
|
Population in the territories of the bank's presence |
|
|
|
|
Society as a whole |
Sustainable development |
Formation of a caring attitude towards nature; |
Increasing the level of well-being of modern society; |
The ending
Many credit institutions prioritize the interests of shareholders in their activities, considering improving financial performance and investment attractiveness as the main objectives of their activities, working to successfully achieve the objectives set by shareholders. In many cases, these are ongoing tasks focused on the quick receipt of income and dividends for shareholders.
The bank, as a socially significant organization, must focus on long-term prospects. To do this, he must first of all work for clients as a significant part of society. At the same time, the bank needs to understand the heterogeneity of society, segment clients by social and economic groups, and take into account social and economic problems of each client segment in building relationships. In relations with customers, many banks see as their goal the satisfaction of customers' needs, increasing their loyalty, are set to build stable mutually beneficial relationships with them. However, at the same time, banks do not always realize that in relations with some clients, the client is the dominant party. For example, high net worth individuals who place capital in the bank in excess of 1 million euros. In other cases, the bank dominates. This applies primarily to low-income regional clients who require a loan to purchase essential household goods. If the bank is indifferent to the client, and the client himself is either unable to assess his creditworthiness, or is placed in such conditions that he needs to buy something at any price, situations arise when a loan of an insignificant amount is provided at a high interest rate. The bank, not wanting to trouble itself with checking the creditworthiness of the client, provides him with a loan on the basis of two documents confirming the identity of the client, at an interest that ultimately exceeds the amount of the principal debt. A conscientious client in such situations may find himself in debt dependence, since in order to repay a loan previously granted to him, the client needs a new loan.
The bank's social responsibility is especially significant in situations when it enters into credit relations with low-income clients. The bank must clearly understand the social level and motives of lending to its clients. In one case, the client is fully working, but the level of remuneration for his labor, due to the insufficient development of society, does not ensure the natural reproduction of the household, and the client needs a loan to purchase the necessary goods, the level of which meets the minimum criteria for the modern development of society (washing machines, furniture, economic cars. class). In another case, the client does not bother with an adequate assessment of his own creditworthiness and takes a loan to satisfy his own whim. The bank's approaches to different types of clients should be differentiated. Fully working, but low-income clients should receive loans on terms that are affordable for themselves. This requires various regional programs to support these low-income clients. And a bank adhering to the principles of corporate social responsibility cannot stand aside from these problems. It is necessary to activate the regional authorities and other responsible persons in solving the problems of material support of workers employed in non-profit structures, which have long been urgent in many regions. If commercial structures pay salaries to employees, the level of which does not provide the subsistence level of the household, in each case it is necessary to consider the reasons for this discrepancy, and also take measures aimed at supporting conscientious clients. In contrast, unscrupulous clients must be subject to stringent lending and collection conditions. It is unacceptable and unfair in relation to the most vulnerable participants in the credit market is the situation when bona fide borrowers must pay the debts of unscrupulous ones, offsetting the risks of banks with a high interest rate.
The team of qualified employees is a significant advantage of the bank. Investments in personnel are rightfully considered as the basis of sustainable development, as an investment in the future. For bank employees, not only the level of remuneration, the creation of conditions for a decent standard of living and work, but also professional implementation, support and encouragement of creative initiatives, encouragement of an increase in the level of education of employees, and respect for their personality are important. For this, banks should strive to create a professional team, to consolidate the ethics of relations between the management and employees of the bank. Pay for the work of bank employees in accordance with the quantity and quality of work, encourage them to innovate and, whenever possible, try to introduce innovations to employees so that they can make sure that their labor is in demand. An important component is the promotion of a healthy lifestyle for employees, prevention and reduction of the risk of occupational diseases.
Banks are aware that the successful activity of their subsidiaries and branches is closely related to the material and social well-being of the population in those territories where banks operate and intend to work in the future. Therefore, they strive to interact with local and regional authorities, to participate in solving social problems, in particular in programs to support certain categories of the population, taking into account national characteristics and local traditions. For example, banks participate in the implementation of various regional programs to improve financial literacy of the population, support health care, healthy lifestyles and sports, education and science, culture and art.
As for the relationship between banks and society as a whole, it is important, first of all, to strictly observe the legislation and fulfill the obligations imposed on banks. Banks must timely and fully fulfill their obligations to pay taxes and other obligatory payments, participate in combating money laundering and the financing of terrorism, provide the necessary reporting in a timely manner, ensure the accuracy of the information provided, enter into an open dialogue with society about the existing achievements, problems and plans for the future.
In relations with society, the participation of banks in environmental protection and environmental protection is also of great importance. A report on the reduction of consumed resources and respect for nature becomes a component of the annual reports of banks. Many banks have committed themselves to comply with the "equator principles" (Equator Principles), which include a set of criteria for identifying and managing social and environmental risks in project finance. Equator Principles applied by the International Finance Corporation ( IFC) - a member of the World Bank Group (WorldBank), financing in the private sector. The peculiarity of the observance of the "equator principles" is that each joined bank, when lending to specific projects, forms its own model of their implementation.
The Equator Principles have been applied by the world's largest banks since 2003. It is a voluntary set of measures that reflects an industry approach to identifying, assessing and managing environmental and social risks in lending projects. The Equator Principles concept is based on environmental and social standards. By recognizing the “equatorial principles”, banks took responsibility for the “cleanliness” of the projects they lend. Each bank had its own reasons for adopting the Equator Principles: potential financial losses, the need to optimize social and environmental risks, public pressure, and reputational risks.
Applying the Equator Principles to a specific project means that the starting point for a bank is to study the level of environmental and social risks arising from this project and assign it a certain degree of environmental risk. In accordance with the principles, projects are divided into three categories: AND - high, IN - medium and FROM - a low degree of environmental risks. If the project is classified as a high environmental and social risk, the borrower is required to assess the environmental impact using quantitative environmental indicators and disclose information to local communities. The terms of the loan provide for monitoring and constant control over the social and environmental components of the project.
Criteria for project evaluation have been developed to implement the “equatorial principles” in relation to individual industries. Their observance gives the right to receive a loan for the implementation of a project in a bank adhering to the "equatorial principles". For each industry, the main parameters of solid waste, emissions of major pollutants, measures to prevent excessive pollution, noise impact are indicated. The technologies that are most safe for the environment are proposed. Measures for the organization of monitoring and reporting are determined, sources of information are given.
The specifics of production are taken into account in sufficient detail, but variable. The degree of compliance of a production project with the specified criteria is important not only when making a decision on the allocation of a loan, assessing environmental risks, it also determines the degree of environmental safety of an enterprise under construction, its compliance with modern requirements. Following the principles allows to reduce the risks in the field of environmental pollution of credited projects, which ensures environmental safety of the population living in the regions of development. This is of particular importance in emerging markets, where environmental issues and the social impact of projects have not yet received sufficient attention.
Banks are developing new environmental safety conditions in order to protect the population of the region and help clients protect their businesses. Social and environmental problems, on the one hand, lead to delayed deadlines and higher cost of projects, significant legal costs. Possible accidents (for example, a large-scale oil spill) can generally lead to the termination of work and the ruin of the initiator of the project. On the other hand, projects that have passed environmental and social expertise, as a rule, enjoy the trust of the local population and the support of the authorities.
In accordance with the Equator Principles, a credit institution undertakes to provide a loan for the implementation of a project only in cases where a number of conditions are met. Among them are the following:
- the risk category of the project was determined in accordance with the industry criteria. For category projects AND and IN the borrower conducts an environmental impact assessment - an environmental impact assessment. Additionally, problems identified during the project evaluation are analyzed;
- the following issues are considered:
- - an assessment of the main environmental and social conditions was made,
- - compliance with the requirements of the laws and regulations of the country of location of the developed facility, as well as international agreements,
- - the possibility of using renewable sources of raw materials is provided, since the implementation of the project should not lead to the depletion of natural resources,
- - measures are provided to protect the health of the population, maintain the culture of national minorities,
- - the use of hazardous substances is not allowed,
- - availability of a system of protection against natural disasters,
- - production must be safe for the people employed on it,
- - availability of measures for fire-prevention and other types of safety,
- - socio-economic results of the project,
- - issues of land acquisition and use,
- - the need for the displacement of indigenous people,
- - the impact of the project on indigenous people and local communities,
- - cumulative impacts from existing projects, proposed projects and expected in the future,
- - participation in the design, examination and implementation of the project of all parties affected by the project,
- - study of possible alternatives that are more consistent with environmental requirements, with better social consequences,
- - efficient use of energy,
- - pollution prevention and waste minimization;
- for all projects of the category AND and, if the bank considers it necessary, category projects IN the borrower or a third-party expert prepares an environmental management plan, which contains measures to mitigate the negative consequences of the project, work schedules, determines the forms of monitoring and risk management;
- by category projects AND and IN the borrower or third party expert must consult with all interested groups of the population, which must be documented and communicated to the public in the local language;
- the borrower must not only comply with the environmental management plan in the design and implementation of the project, but also provide the bank with relevant reports;
- if necessary, creditors engage an organization responsible for an independent environmental review to conduct monitoring and prepare reporting;
- credit institutions that accept these principles regard them as the basis for developing their own regulations and rules. These principles do not give any rights or impose any legal responsibility on individuals, public or private organizations;
- banks accept and implement these principles voluntarily and independently, without relying on the resources of the International Finance Corporation or the World Bank.
Thus, a modern bank carries out its activities adhering to the principles of corporate social responsibility, voluntarily assuming obligations to participate in creating conditions for sustainable development of society. In the course of its activity, the bank enters into relations with various subjects, whose interests do not coincide: shareholders and investors, customers, employees, management, partners, a regulator, authorities, the population in the territories of the bank's presence, and society as a whole. A socially responsible credit institution undertakes obligations to harmonize relations between stakeholders, creating the basis for its own long-term development in the interests of the whole society.
Environmental and social policy
This Environmental and Social Policy is aimed at ensuring the sustainable development of the Bank and its clients in the long term by providing financial support to projects that, along with financial performance, have a positive environmental and social impact.
The policy applies to all projects related to lending, trade, project and debt financing, guarantees, leasing, factoring of small, medium and corporate businesses.
The Bank does not finance and does not provide other support to clients' activities that directly or indirectly harm the environment, the population, and also violate Russian and international legislation, ethical and moral standards, incl. activities such as gambling, the maintenance of casinos and similar establishments, the production of radioactive materials, tobacco or their trade, etc.
The Bank avoids excessive concentration of its resources in industries that can cause significant harm to the environment and have significant negative social consequences, for example, in the industry associated with the production and sale of strong alcoholic beverages.
The Bank supports projects aimed at saving resources, develops and implements special programs for financing energy-saving projects of Russian companies and enterprises.
In order to implement this Policy, the Bank has implemented an Environmental and Social Risk Management System, which includes such stages of work as: preliminary analysis of customers 'activities, classification of customers according to the degree of their environmental and social impact on the environment, assessment of customers' environmental and social risk, development of measures to reduce the harmful effects of customers' activities, periodic monitoring of the existing customer base. To carry out this activity, the Bank has qualified trained personnel who periodically undergo training, persons responsible for the implementation and implementation of this Policy have been appointed.
In its activities, the Bank is guided by the requirements of Russian and international legislation, as well as the recommendations of international financial institutions in the field of environmental and social protection. The Bank's Social Policy is aimed at eliminating discrimination in any of its manifestations, providing the Bank's employees and its clients with safe working conditions.
Loan projects financed by the Bank must undergo preliminary environmental and social assessment in order to make a decision on the possibility of financing not only based on financial feasibility, but also, equally taking into account environmental and social factors.
Based on the results of the environmental assessment, by agreement with the client, one of the conditions for lending may be the inclusion in the loan agreement of special measures aimed at managing environmental and social risks.
In order to verify the client's proper compliance with environmental and social obligations, the Bank continuously monitors the financed projects throughout the entire period of maintaining financial participation in the project and shares the results of the monitoring with the client.
In order to implement this Policy, the following requirements are imposed on the Bank's borrowers:
- compliance with Russian environmental legislation, state standards and regulations in the field of environmental protection, health, safety, occupational health and human rights;
- carrying out on an ongoing basis measures to minimize environmental risks, reduce negative impact on the environment, prevent possible emergencies, as well as increase energy efficiency and resource saving of enterprises, incl. by introducing modern technologies, equipment and materials that reduce the negative impact of activities on humans and the environment;
- availability of a developed social policy and implementation of work aimed at reducing social risks and increasing social responsibility.
Social responsibility
Transcapitalbank considers it necessary for business to participate in solving key social problems. Among the important tasks of the Bank are environmental protection, support for education, children's sports, cultural heritage, socially vulnerable groups of the population.
Energy saving projects
Healthy generation
Quality education
Social help
Preservation of the country's cultural heritage
Transcapitalbank, together with the EUROPEAN BANK for RECONSTRUCTION AND DEVELOPMENT (EBRD), the INTERNATIONAL FINANCIAL CORPORATION (IFC, the World Bank Group) and the INTERNATIONAL INVESTMENT BANK (IIB), are implementing the Program for the financing of Russian companies and energy efficiency projects. The program is aimed at rational consumption of energy resources, reduction of energy consumption and improvement of the environment.
A number of projects of regional enterprises and companies are already underway within the framework of this Program.
The Bank also broadcasts its public position through its own social and charitable programs:
Particular attention in the bank's charitable activities is devoted to the promotion of a healthy nation. The Bank provides sponsorship support for children's competitions on an ongoing basis in the regions of its presence.
The Bank on a long-term basis implements the Program of Support of the Russian Academy named after G.V. Plekhanov. In 2011, Transcapitalbank created its own scholarship fund for students who demonstrate excellent academic results.
The Bank on an ongoing basis provides assistance to orphanages in the regions of its presence and provides support to veterans - participants of the Great Patriotic War in the cities of the Moscow Region, where a wide network of Transcapitalbank service offices is located.
The Bank is actively involved in projects to preserve the monuments of Russian culture and heritage in the regions of its presence. The Bank supports Russian artists in the regions of its presence by organizing exhibitions free of charge and presenting expositions to a wide range of the public.
You can submit your applications related to environmental and social issues in relation to projects financed by the Bank:
- transfer in person at any office of the Bank.
- by sending to the address of the location of the Bank: 109147, Moscow, Vorontsovskaya street, 27/35;
- transfer in person at any office of the Bank;
- sending a letter to the official e-mail address of the Bank - [email protected]website;
- leave a message through the electronic feedback form in the "Contact us" section;
- by calling the Customer Support Service at the following numbers: + 7 800 100-32-00 (Free throughout Russia), + 7 495 777-41-50 (For Moscow).
You can submit your appeals related to environmental and social issues regarding the Bank's work:
CORPORATE SOCIAL RESPONSIBILITY
IN A COMMERCIAL BANK ON THE EXAMPLE OF RUSSIA "
phD in Economics, Associate Professor of the Department of Economics, Sociology of Labor and Personnel Management, MIEMIS,
Altai State University
The majority of Russian companies are currently focused on short-term goals - achieving a given level of profit, break-even, etc. The issues of the organization's influence on the world around it in all its variety of aspects are practically not worked out. At the same time, there is no doubt that a company, in realizing its business goals, must take into account the long-term interests of everyone with whom it interacts: shareholders, customers, employees, the state, society as a whole. In other words, today it is important not only what results the company achieves, but also how it does it. “Business for a common future” - this is how you can briefly formulate the key characteristic of a 21st century company.
Awareness and acceptance of this postulate led to the emergence of the concept of corporate social responsibility (CSR). In accordance with it, organizations, society, and the state should be faced with the tasks of achieving a common understanding and developing common regulatory approaches in the implementation of various forms of dialogue between corporations and the outside world (employees, with state and municipal authorities, as well as with the population and public organizations) ...
World experience shows that the quality of "social stability of the population's life" largely depends on the success of the formation of a system of partnerships between companies, the state and civil society in the social sphere, on its effectiveness. Understanding of the social significance of the activities of organizations in the social sphere found expression in the spread of corporate social responsibility (CSR). In developed countries, the concept of CSR has long been the basis of the activities of many companies. The reaction of the majority of Russian corporations to the trend of spreading the concept of CSR is indifferent.
Avoiding the use of child and forced labor;
Avoiding discrimination in the world of work and employment on the basis of race, nationality, religion, sex, affiliation with any organization, political opinion or age in hiring, remuneration, providing access to training, promotion, dismissal or retirement pension;
Health safety of its employees, social, medical and pension insurance of employees, as well as veterans;
Ensuring safe working conditions and taking measures aimed at reducing hazards in the workplace;
Encouraging employees to receive education and professional development.
When interacting with government agencies and public organizations and associations:
Respect for human rights and the rule of law;
Anti-corruption, including abuse of office, extortion and bribery;
Assessment of the environmental impact of the Bank's decisions in the field of lending to customers and its own activities;
Promoting the development and dissemination of environmentally friendly and safe technologies;
Implementation of an environmental management system and economical consumption of electrical and thermal energy, water, fuel, materials and other resources by introducing resource-saving technologies.
When interacting with shareholders:
Profitability of its activities, economical use of resources and implementation of a reasonable dividend policy, observance of the rights of minority shareholders.
Sberbank reporting in the area of \u200b\u200bcorporate social responsibility.
CSR Report - voluntary social reporting of the Bank (Social Accountability), prepared in accordance with the GRI G3 Sustainability Reporting Guidelines.
On an annual basis, the Bank discloses information on the results of its CSR activities for the second time through the issuance of the Bank's CSR Report. The Bank's CSR Report is issued in accordance with the Sustainability Reporting Guidelines prepared by the GRI (Global Reporting Initiative) group. Sustainability Reporting Guidelines GRI G3 is an international CSR reporting standard developed by the network organization Global Reporting Initiative (www. Globalreporting.org).
At present, an unprecedented case can be noted - Sberbank, the first credit institution, involved the interested public in the process of finalizing the Bank's CSR Report using the new Crowdsorsing technology. Crowdsourcing is a technology of involving many people through computer networks for joint activities, transferring certain production functions to an indefinite circle of persons on the basis of a public offer.
In the project "Corporate Social Responsibility", which is being implemented at the sberbank platform. *****, as of September 20, 2012, 816 active participants were involved. For discussion, Internet users were offered three main topics: "Social sphere", "Economy and Business", "Environment". At present, 380 proposals have been submitted to amend the text of the corporate social report, active voting for proposals continues, and at the moment some estimates have been set. The rubrics “Improving financial literacy” and “Supporting sports” are of the greatest interest to the participants. The project results will be used by Sberbank for: adjusting the current CSR program, developing a new CSR program, business planning in relation to non-financial indicators, adjusting the bank's sustainable development policy, preparing a CSR report for 2012, and meeting the requirements of CSR reporting standards.
An effective social policy will enable a credit institution to fulfill its basic needs for survival, security and sustainability. In turn, this will increase the confidence of society, investors and shareholders in the company, and thereby increase the competitiveness of the financial business. A socially responsible business contributes to the creation of a favorable social environment for the company in the long term and a more stable development in the global market.
Based on the analysis of Sberbank's corporate social responsibility system, it should be recognized that the main motivation of a financial company is the additional advantages that it receives as a result of competition. One of the main among them is the commitment to the principles of social justice and responsibility, enshrined in specific initiatives in social corporate reporting, compiled in accordance with international social standards and demonstrating the potential for business development.
List of used literature:
1. Corporate Social Responsibility: Public Expectations / Ed. ,. M., 2003.S. 61.
2. Krichevsky, N. A., Goncharov, social responsibility. 2nd ed. M .: Dashkov i K, 2008.S. 11.
3. Report on social investments in Russia for 2004. P. 9.
4. Minina, IA On the issue of the concept of corporate social responsibility / // Advocate # 6. - S.66-94.
5. Grishina, responsibility as a socio-economic category // Labor and social relations, 2010. No. 5. P.
6. Report on corporate social responsibility of Russia "for 2010 http: // www. ***** / common / img / uploaded / files / pdf / yrep / SB_Social_Report_2010_RUS. pdf
7. Report on corporate social responsibility of Russia "for 2011 http: // www. ***** / common / img / uploaded / files / pdf / yrep / SB_Social_Report_2011_RU. pdf
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Federal State Budgetary Educational Institution of Higher Professional Education "Vyatka State University"
Corporate social responsibility on the example of the organization of JSC "VTB Bank"
Student: Malkevich Inna Igorevna
Specialty: Management
Group: 1-12-Ms-112
Teacher: Shagalov I.L.
Kirov, 2014
Introduction
The main goal of the work is to form an idea of \u200b\u200bthe essence of the concept of corporate social responsibility. To do this, it is necessary to disclose the essence and main characteristics of corporate social responsibility, to form an idea of \u200b\u200ba comprehensive model of corporate social responsibility, to identify external and internal sources of corporate social responsibility and to understand the mechanism for implementing corporate social responsibility of JSC VTB Bank.
Corporate Social Responsibility (CSR, also called corporate responsibility, responsible business and corporate social opportunities) are concept, in accordance with which organizations take into account the interests of society, assuming responsibility for the impact of their activities on customers, suppliers, employees, shareholders, local communities and other stakeholders public spheres... This obligation goes beyond the statutory obligation to comply with the law and implies that organizations voluntarily take additional measures to improve the quality of life of workers and their families, as well as the local community and society at large.
CSR practice has been the subject of much controversy and criticism. Advocates argue that there is a strong business case for CSR, and corporations reap numerous benefits from operating for a broader, longer-lasting perspective than their own short-term profit margins.
Critics argue that CSR distracts from the fundamental economic role of business; some argue that this is nothing but an embellishment of reality; others say this is an attempt to replace the government's role as controller of powerful multinational corporations.
1. Preamble of events
JSC VTB Bank (hereinafter referred to as the “Bank”) is a systemically important credit institution, one of the leaders of the national banking sector. The Bank provides financial services of an international level, has subsidiaries in various countries and renders professional services in all territories of its business presence.
The Bank is aware of its responsibility for the economic, social and environmental consequences of its activities and carries out a set of measures to promote sustainable development of society.
The Bank focuses its efforts on creating a favorable internal and external environment. Thus, activities in the field of corporate social responsibility (hereinafter referred to as “CSR”), aimed at positive changes in the Bank's staff and in society, correspond to the strategic interests of the Bank in focusing on conducting an open and transparent business that is understandable to the public.
CSR is one of the key elements of the Bank's corporate behavior and allows it to strengthen its reputation in Russia and abroad, unite subsidiary financial and credit companies around common values, reduce strategic, reputational and operational risks, which ultimately contributes to an increase in capitalization and confirmation of the Bank's status on international level.
In developing the CSR system, the Bank focuses on its own experience of interaction with stakeholders, as well as international standards in the field of CSR and non-financial reporting, including the Guidelines for Sustainable Development Reporting of the Global Reporting Initiative (GRI).
Non-financial (social) report - a public report on the economic, environmental and social aspects of the Bank's activities.
Corporate Social Responsibility (CSR) - that is consistent with the specifics and level of the Bank's development, regularly revised and dynamically changing set of obligations, voluntarily and consistently developed with the participation of key stakeholders, taken by the Bank's management, taking into account the opinions of staff and shareholders, performed mainly at the expense The Bank and aimed at the implementation of significant internal and external social programs, the results of which contribute to the development of the Bank (increase in production volumes, improve the quality of products and services, etc.), improve its reputation and image, establish corporate identity, and expand constructive partnerships with the state , business partners, local communities and civic organizations.
The corporate social responsibility policy is an instrument of business activity carried out by the Bank voluntarily and having a significant impact on the process of making strategic and tactical decisions on business development and taking into account the interests of all stakeholders, according to which the Bank, in addition to complying with laws and providing a quality product / service, voluntarily assumes additional obligations to society. This policy is in line with the strategic interests of the Bank.
Sustainable development is the development of a society in which meeting the needs of present generations does not compromise the ability of future generations to meet their own needs.
Stakeholders - persons or groups of persons influencing the Bank or being influenced by its activities.
Corporate behavior is an activity that ensures management and control over the Bank's activities and includes a set of relations between the Bank's management and control bodies, shareholders and other interested parties. The Bank views corporate behavior as a means of improving the efficiency of the Bank's activities, strengthening its reputation, increasing its capitalization, and reducing the cost of raising capital.
Internal environment of the Bank - the totality of all processes occurring in the Bank's team, as well as processes, goals, tasks of the Bank in accordance with the Bank's strategy. This environment of the Bank is characterized by the presence of integrity and a single purpose for all of its parts in accordance with the common values \u200b\u200band identity of the Bank.
External environment of the Bank - a set of economic, political, social and cultural factors, as well as the peculiarities of the activities of authorities, counterparties and competitors, under the influence of which the Bank's activities in the territory of its presence are taking place. This environment of the Bank is characterized by dynamism in relationships, a variety of forms of cooperation and the integration of business processes in accordance with the mission and vision of the Bank.
General values \u200b\u200bof the Bank - existing moral values, which are the absolute standard for employees of the organization. In the course of its work, the Bank strives to maintain the trust of its clients, ensure open and transparent business conduct, provide a universal set of proposed solutions, and steadily support and develop a unique, strong team of professionals.
Corporate citizenship of the Bank - reputation strategy of business in the direction of interaction with the population of the territories of the Bank's presence in order to ensure effective and sustainable development; involving the Bank's staff in active charity by drawing attention to the problems of society and providing gratuitous assistance to those in need.
The population of the territories of the Bank's presence is a multitude of people united in groups and communities within a specific territory (city or country) in which the Bank operates.
The CSR Policy of JSC VTB Bank (hereinafter referred to as the “Policy”) is the basic document that defines the principles and directions of the Bank's CSR activities. The development and implementation of the Policy meets the goals of increasing the transparency of business processes and the efficiency of interaction with the main stakeholders of the Bank, strengthening the reputation and image of the Bank, increasing investment attractiveness and the quality of business management.
The adoption and implementation of the Policy contributes to the solution of the following tasks:
· Formation of the basis of the Bank's management system in the field of CSR;
· Ensuring the consistency of the Bank's CSR activities with strategic goals and objectives;
· Promotion of CSR as a philosophy of the Bank's interaction with stakeholders;
· Building up activities in the field of CSR in areas in which the Bank can have a positive impact on the internal and external environment;
· Consistent integration of taking into account the risks associated with the social and economic performance of stakeholders in the process of making investment decisions;
· Strengthening and maintaining a leading position in the field of CSR and promoting CSR practice among subsidiaries in the countries of the bank's presence;
· Increasing the transparency of the Bank's activities in the field of CSR by improving the system of maintaining and possible submission of non-financial reporting in accordance with international standards, as well as continuous monitoring of the effectiveness of measures in the field of CSR.
The policy discloses the issues of managing corporate behavior and the Bank's impact on the corporate, market, social and natural environment. The provisions of the Policy apply to all divisions of the Bank.
2. Basic principles of CSR
The basic principles of CSR function in close connection with the principles of the Ethical Code of the Bank and are:
· Devotion to the mission, shared values \u200b\u200band vision of the Bank;
· Provision of quality services based on high professionalism of the Bank's staff;
· Respect for the value and dignity of the individual;
· Honesty and mutual respect in relations with stakeholders;
· Fairness in making managerial decisions;
· The legality of the actions taken and responsibility for their consequences;
· Business profitability;
· Health protection of the Bank's employees;
· Openness to relationships with stakeholders.
3. Engagement with stakeholders
1) The bank characterizes the trust of stakeholders as the main value and as the basis for successful banking activities.
2) The main stakeholder groups of the Bank are:
· Shareholders and investors;
· Clients;
· Workers;
· Business partners;
· Population in the territories of the Bank's presence;
· Authorities and regulators;
· Society as a whole;
· Environment.
3) The Bank interacts with stakeholders in accordance with the principles and norms set out in clause 4.1, and also proceeds from the following general principles:
· Materiality.The Bank strives for constructive, prompt and effective interaction with stakeholders. The Bank carries out quantitative and qualitative analysis of its business processes and constantly improves their efficiency.
· Cooperation. The Bank seeks to find mutually beneficial and CSR-based forms of cooperation that meet the expectations of the Bank and stakeholders in order to generate profit and increase the value of intangible assets.
· Cooperation.The Bank seeks to improve the efficiency of its management system by cooperating in the work of divisions, reducing the time for making decisions between the Head Office and the branches providing personnel with a full set of resources and opportunities for effective work and coordination of business processes.
4. Approach to CSR management
The Bank carries out systematic management of CSR in five areas:
Internal environment of the Bank,
The market environment of the territories of the Bank's presence,
· Social environment of the territories of the Bank's presence;
· (Economic) social ecology;
· Corporate behavior management is located at the intersection of the four areas mentioned and stands out as the core business of the Bank.
5. Management of corporate behavior
The Bank's priority in corporate conduct management is the productive work of the Supervisory Board and executive bodies, protection of the interests of all shareholders of the Bank, management at a high level of responsibility, and ensuring strict accountability. Compliance with these priorities results in the maximum increase in the Bank's capitalization and benefits for shareholders.
The Bank considers the improvement of financial results and investment attractiveness to be the main objectives of its activities. At the same time, it takes into account the social and environmental consequences of the decisions made.
In the process of working with stakeholders, the Bank strives to conduct an open and constructive dialogue, taking into account international practices and norms of corporate conduct and focusing on high standards of corporate governance. The bank works to successfully achieve the objectives set by the shareholders. The Bank provides timely financial and non-financial reporting, strives to increase the reliability, clarity and accuracy of disclosed information, improve feedback mechanisms, and also increases the involvement of senior management in the public presentation of the results achieved and plans for the future.
The Bank strictly follows the legislation and takes into account the recommendations of the regulatory authorities in the territories of its presence. The Bank timely and fully fulfills its obligations to pay taxes and other mandatory payments.
6. Environmental impact management
The Bank's priorities in managing the impact on the internal environment are to increase employee motivation, protect their health and improve work efficiency.
1) The Bank considers human capital to be its most valuable asset. Therefore, investments in personnel are viewed as investments in the future of the Bank, its efficiency and sustainability. The principles and rules of business conduct and ethics in the Bank are regulated by the Ethical Code of the Bank.
2) When hiring and promoting in a position, the Bank takes into account the professional qualities of candidates.
3) The Bank seeks to develop channels of communication with employees, takes into account the opinion of employees and respects the right of employees to access the information they need.
4) The Bank forms loyalty and increases the motivation of employees by ensuring a competitive level of remuneration, comprehensive social support, safe and comfortable working conditions, training and implementation of the career potential of employees.
5) The Bank develops its corporate culture on the basis of its values, strives to unite the team to achieve strategic goals - diagnose and improve key business processes, create the best expert teams in the market in the most priority sectors and sectors for the Bank.
6) The Bank promotes a healthy lifestyle among employees and conducts safety trainings in order to reduce the risk of occupational diseases and injuries at the workplace.
7. Management of influence on the market environment
The Bank's priorities in managing the impact on the market environment are meeting customer needs and increasing their loyalty, as well as building stable mutually beneficial relationships with stakeholders.
1) Through its lending and investment activities, the Bank strives to support segments and industries that contribute to the diversification of the Russian economy and its transition to an innovative development path.
2) The Bank strictly adheres to its contractual obligations and professional standards, and also expects this from its business partners (counterparties). The Bank has an internal control system that reduces the risk of violations and abuses during transactions.
3) The Bank contributes to the growth of trade between the Russian Federation and other countries. Through the provision of high quality financial services and high standards of its activities, the Bank helps to strengthen the positive image of the Russian Federation abroad.
4) When assessing corporate clients, the Bank, guided by the Credit Policy, evaluates the financial condition of the borrower. In the long term, the Bank seeks to integrate social and environmental considerations into the investment decision making process.
5) The Bank's approach to the development of the branch network is based not only on the current economic potential and investment attractiveness of the regions, but also on understanding their needs for the successful socio-economic development of Russia in the future.
6) The Bank offers customers a range of services focused on their current and future needs, while implementing an individual approach to the client. Customer feedback is used to improve customer service and develop new products.
7) The amount of interest rates and commissions of the Bank is calculated taking into account market conditions. The Bank provides complete and reliable information directly to interested parties. The bank does not make decisions for its clients.
8) The Bank guarantees the confidentiality of information received from clients, except for cases provided for by law.
9) The Bank counteracts the legalization of proceeds from crime and the financing of terrorism not only within the framework of the legislation, but also within the framework of additional obligations in accordance with the Policy of the VTB Banking Group in the field of combating legalization (laundering) of proceeds and the Statement of a group of Russian banks: “Banks against money laundering ”.
10) The Bank promotes the development of various financial services through VTB Group companies, spreading leading CSR practices through corporate governance bodies.
8. Social Impact Management
The Bank's priorities in social impact management are to improve the quality of life of communities in the territory of the Bank's presence and to strengthen the reputation of a reliable, firmly positioned participant in the life of the Bank's society.
1) Playing an important economic role in the territories of its presence, the Bank strives to be a responsible corporate citizen and take into account public opinion.
2) The Bank proceeds from the fact that its well-being is inextricably linked with the social well-being of the population in the territories of its presence. Therefore, the Bank strives to participate in solving urgent social problems by implementing programs to support certain groups of the population in the territory of its presence.
3) The Bank seeks to interact with the population of the territories of its presence in areas in which the Bank can maximally contribute to positive changes in society.
4) The Bank determines the priority areas of support for the population of the territories of its presence in accordance with the adopted strategy and capabilities, national priorities and local specifics. Priority areas include:
· Improving the financial literacy of the population in the territories of the Bank's presence;
· Support for health care, healthy lifestyle and sports;
· Support for education and science;
· Support for culture and art;
· Assistance to socially vulnerable groups of the population in the territories of the Bank's presence.
5) The Bank encourages voluntary participation of the Bank's staff in corporate social and charitable actions of the Bank, supports volunteer initiatives of the Bank's employees that comply with the principles of this Policy.
9. Environmental impact management
The Bank's priorities in managing its environmental impact are savings by reducing the cost of resource consumption.
1) The Bank strives to be careful with the environment, incl. through economical consumption of resources (electricity, paper, fuel, etc.).
2) The head office of the Bank has adopted the concept of a “green office”, which combines a set of measures aimed at reducing the adverse impact on the environment, as well as communication measures aimed at increasing the level of environmental awareness of the Bank's employees.
3) As an international company, the Bank intends to commit itself to adherence to certain environmental and social principles - the Equator Principles applied by the International Finance Corporation (IFC).
10. Development of non-financial reporting
In an effort to disclose more information, along with the mandatory provision of an annual financial report, the Bank, as an international company, is taking progressive steps in the development of its own non-financial reporting system, which is mandatory for most developed countries of the world.
When forming and presenting CSR reporting, the Bank follows the following principles:
· The Bank may submit an annual non-financial (social) report reflecting the actual activities of the Bank in the field of CSR and progress in the implementation of the Policy;
· The Bank complies with the provisions of the Non-Financial Reporting Protocol and may prepare an annual (social) non-financial report in accordance with the provisions of the Sustainability Guidelines of the Global Reporting Initiative (GRI);
· The Bank seeks to take into account the information needs of stakeholders in the case of preparing a non-financial report;
· The Bank improves the quality of non-financial reports, including by improving the process of collecting, analyzing and presenting information;
· The Bank ensures the confidence of stakeholders in the information presented in non-financial reports through internal and external audit of this information.
11. Responsibility for the implementation of CSR policy
Compliance with the principles of this Policy is mandatory for each employee of the Bank. Employees of the Bank's divisions responsible for CSR activities are responsible for compliance with the provisions of the Policy.
corporate social management personnel
Conclusion
Based on the study of the state of corporate social responsibility of the Kirov branch of JSC VTB Bank, I made the following conclusions. The Bank meets its clients in every possible way and makes its services the most accessible for all segments of the population. The Bank does not treat projects in the area of \u200b\u200bcorporate social responsibility as a project activity, but considers them through the prism of the bank's development strategy. In this CSR strategy, if not the main role (the main function of any business is to bring profit to its shareholders), then the fundamental one is for sure. CSR is as much an integral part of VTB Bank's policy as financial efficiency and focus on commercial success.
In carrying out our financial activities, we strive to improve the standard of living and culture of the Belarusian society. The secret is simple - business can only be successful in a successful society. Any self-respecting business should strive to contribute to the development of society. An integral part of CSR is the payment of taxes, salaries to employees, etc. And it is not discussed. Still, the banking sector operates according to slightly different standards that have become established in the global financial system. In this system, there is no place for internal ambitions and odious statements. A bank is a system whose strategy must necessarily include the principles of CSR. The personal contribution of employees is no less important than just the money transferred to solve a particular problem. A corporation becomes a corporation only when it has people interested in its prosperity. Only a motivated employee can take a company to the next level. And, among other things, do not underestimate the important role of CSR in the life of each individual employee of the company.
Do not forget that positive emotions are exactly what makes any business interesting. If a business at some point stops bringing emotions, it becomes uninteresting. Many people find the missing positive emotions in CSR projects. After all, giving is always more pleasant than receiving.
Corporate social responsibility is fundamental for the Bank. After all, he tries to consider all its areas: culture, education, sports, charity.
For example: One of the branches of the Bank in 2008 was the first of the subsidiary banks of the VTB Group to join the corporate charity program "World without Tears". This program is strictly focused on supporting children's healthcare institutions, is long-term and absolutely targeted. As part of the program, VTB finances the purchase of medical equipment, medicines and supplies for children's departments and hospitals. During the program, the Bank has already provided assistance to 11 medical institutions, and in 2014 it is planned to provide assistance to three more.
Culture occupies a special place in the life of the Bank. Indeed, without the support of culture, the development of society will be incomplete. That is why this year the Bank supported, for example, such a project as “The Artist and the City”. And the work did not go unnoticed - VTB Bank was generously rewarded for participation in this project. All of the above is undoubtedly a plus for the Bank.
Of the minuses, it can be noted that not all branches of the Bank develop in the field of CSR. A few branches across Russia are making progress in holding certain actions in favor of the development and improvement of corporate social responsibility. Not all branches have created conditions for successful work of bank employees and business prosperity. But I think that this is only a temporary stagnation, and soon, all branches of JSC "VTB Bank" will develop in all areas, including in the field of CSR.
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Corporate social responsibility of Sberbank (CSR of Sberbank) is a set of principles and obligations that the Bank is guided by in carrying out its activities, in terms of:
- stakeholder relationship management
- assessment and management of impacts on the national economy, social sphere and environment
Sberbank's CSR goals:
- Integration of Sberbank's Mission with the goals and objectives of the Sberbank Development Strategy.
- Formation of an additional factor in the competitiveness of Sberbank due to the formation of the image of a socially responsible company, including in connection with the development of its international activities.
- Control and management of the level of Sberbank's reputation risk in terms of issues related to CSR. Participation in the formation of new markets for environmentally and socially oriented products and services.
- Creation of an additional factor of employee loyalty due to their greater involvement in solving socially significant issues.
The Bank's CSR objectives:
- Integration of CSR principles into the Bank's activities
- “Capitalization” (obtaining an additional positive effect) of the Bank's social activities and an increase in the value of its brand.
- Improving the quality of management of the Bank's CSR activities by organizing systematic work. Organization of the process of planning activities, increasing the efficiency of costs for its implementation.
- Creation of mechanisms for determining and taking into account the interests of stakeholders in the Bank's activities, as well as informing stakeholders about the results of the Bank's activities in the field of CSR, in line with international best practice.
Throughout the history of the Bank, the success of its development has been associated with active participation in the life of the country and society. Sberbank has always performed its functions both as an economic and as a social financial institution.
We believe that the success of a modern 21st century company is determined not only by its financial results, but also by how they are achieved. This understanding is reflected in our goals and in line with our Mission.
Our approach: principles
Implementation of the Bank's CSR Policy and building relationships with stakeholders are based on the following principles of social responsibility defined by the international standard ISO 26000:
The principle of accountability
The Bank is aware of the need for regular reporting on the impact of its activities on society, economy and environment. The Bank views constructive criticism from stakeholders as a source of improvement in its CSR activities and is committed to responding to such criticism, including taking measures to prevent the recurrence of unintended and unforeseen negative impacts.
The principle of transparency
The Bank strives to ensure transparency in its decisions and activities that have an impact on society, the economy and the environment.
The Bank seeks to disclose in an understandable, accurate and complete form and to a reasonable and sufficient extent, the policies, decisions and activities for which it is responsible, including their known and likely impact on society, the economy and the environment. The Bank strives to ensure the availability of this information for stakeholders in a timely manner to enable them to accurately assess the impact of the Bank's decisions and activities on their interests.
The principle of transparency does not imply the disclosure of restricted information by the Bank, as well as the provision of information that is confidential, or information, the provision of which may entail a violation of legal and commercial obligations, obligations to ensure security and privacy.
Ethical Conduct Principle
The Bank considers it ethical to conduct such behavior of its employees that is consistent with the Mission of the Bank, its rules and values \u200b\u200bdefined in the Development Strategy of the Bank.
Respect for the interests of stakeholders
The Bank maintains a constant dialogue with stakeholders, regularly identifies, evaluates and takes into account the expectations and interests of stakeholders through meetings, interviews, surveys, focus groups, analysis of stakeholders' requests.
The Bank is open for discussion with stakeholders of any issues of common interest, creates conditions for such a dialogue and strives to achieve mutually acceptable solutions.
The principle of respect for the rule of law and international norms of behavior
The Bank follows the principle of the rule of law, understanding that all by-laws are subject to the law, and subordinating the internal regulations of the Bank and the principle of equality before the law, agreeing that the laws apply equally to everyone, without exception, and that no one person can be out of responsibility for the actions he does.
The Bank complies with all applicable laws and regulations, takes measures to identify and study applicable laws and regulations, informs employees about their responsibility for their compliance and promotes the adoption of appropriate and timely measures to ensure compliance with the law in all jurisdictions where the Bank implements its activities, even if such laws and regulations are not directly applicable to the Bank.
The principle of respect for human rights
The Bank respects human rights, recognizes their importance and universality. The Bank respects the universal nature of such rights, realizing that they are inseparably applicable in any country of the Bank's presence, in any culture and under any circumstances, takes measures to comply with them, considers it unacceptable to benefit from situations where legislation or its application does not provide proportionate protection of human rights ...