OREANDA-NEWS. Vnesheconombank is reelected as Chair of the Managing Committee of the UN Global Compact in the Russian Federation (UN GC in RF) until the end of this year. A relevant decision was made at a session of the Network's Managing Committee in the UN House in Moscow.

VEB has been the participant in the UN Global Compact, the largest world's initiatives in sustainable development since December of 2011. Since 2012, it has been one of the leaders of the national association of signatory organizations to the UN GC - the UN GC Network Russia, since 2013, it has chaired the Network's Managing Committee. Under the difficult foreign political and financial economic conditions, the Bank intends to continue its participation in ensuring sustainable development and in implementing social projects and initiatives.

The Network's activity is undertaken under the conditions of transferring to a new format of the Global Compact's development that provides for enhancing increased cooperation with business and increasing its role in the UN activities. The Network is expected to be reorganizedinto an independent legal entity until the end of 2015 - an Association "the Global Compact National Network".

A decision to create Russia's Network of the UN Global Compact was made in December of 2008. At present, the Network is comprised of more than 70 participant organizations that undertake their activity in the sustainable development format (big business, small and medium-sized enterprises, business associations, non-profit non-governmental organizations and academic institutes).

In 2015, the UN Global Compact will mark its 15th anniversary. It is the largest international initiative designed to engage business structure in activities on sustainable development and forming global partnership between government and corporate sectors in accordance with 10 principles in the areas of human rights, labor, environment and anti-corruption. UN Secretary General Ban Ki-moon is the leader of the UN GC. The UN Global Compact is comprised of more than 12 thousand companies and organizations from 160 countries all over the world.