OREANDA-NEWS. December 26, 2011. State Corporation ‘Bank for Development and Foreign Economic Affairs (Vnesheconombank)’ joined the UN Global Compact confirming its intentions to contribute to sustainable and open economy and sustainable development. A decision to join the Treaty was taken by Vnesheconombank’s Board.

The UN Global Compact’s activity is designed to disseminate in the business community ten principles in human rights, labor, the environment and anti-corruption. The UN Global Compact’s principles are based on the Universal Declaration of Human Rights, declarations of the International Labor Organization, the Rio Declaration on Environment and Development, the UN Convention against Corruption.

The UN Global Compact is a platform for joint actions by companies – the world’s leaders of corporate social responsibility to address topical social and ecological problems. Vnesheconombank’s participation in the UN Global Compact will provide it with a unique opportunity for promoting principles of corporate social responsibility in the Russian business community and will make it possible to further improve the practice of sustainable development.

Vnesheconombank also undertook to annually report on the progress made in implementing the UN Global Compact’s principles in its activity.

The UN Global Compact is the largest international initiative in the field of sustainable development and establishing global partnership between state and corporate sectors. The Global Compact is comprised of more than 8 thousand organizations from 135 countries including leading foreign financial institutions. More than 50 Russian organizations joined the UN Global Compact.