This Report discusses the sustainability performance by Vnesheconombank Group in 2013. This is the 5th non-financial report prepared by Vnesheconombank and the 3rd consolidated report of Vnesheconombank Group. The 1st non-financial report that included information on all entities of the Group Vnesheconombank publishes its non-financial reports on an annual basis.was issued in 2012.
The definition of “Vnesheconombank Group” does not match the definitions of “bank group” or “financial and industrial group” under Russian laws.For the purposes of this Report, Vnesheconombank Group includes Vnesheconombank and Vnesheconombank’s subsidiaries operating to implement specific provisions of Federal Law No.
This Report has been prepared in line with the Regulations on Vnesheconombank Group’s Sustainability Report, GRI Guidelines (version 3.1) and the Financial Services Sector Supplement (Table of Compliance with GRI Guidelines, Financial Services Sector Supplement and UN Global Compact’s Principles). Vnesheconombank self-declares a B+ GRI application level. The Report also discusses approaches by Vnesheconombank to achieving the UN Global Compact’s principles on human rights, labour, environment and anti-corruption.
The key focus of this Report is on Vnesheconombank’s functions as the national institution for development and those operations of the Group’s entities that work towards Vnesheconombank’s strategic goals. The Report also highlights the outcomes of our investment activities in fostering environment and socially sensitive projects, as well as innovative and Olympic projects. In this Report, we also specifically focus on how responsible finance principles are embedded in Vnesheconombank’s investment operations. The Report further examines performance by Vnesheconombank and the Group’s entities in supporting small- and medium-sized enterprises, promoting the market of public private partnership projects, bolstering exports and territorial development, etc.
When determining the Report’s scope, we were guided by GRI Guidelines and best non-financial reporting practices of Russian and foreign financial institutions. We also took into account the recommendations resulting from the public assurance of Vnesheconombank Group Sustainability Report 2012 by the Non-Financial Reporting Council of the Russian Union of Industrialists and Entrepreneurs (RUIE). Based on these recommendations, the Report was expanded with more details on:
Information for this Report was collected, presented and validated by Vnesheconombank Group’s entities in line with the guidelines prepared by Vnesheconombank for the Group’s entities in the previous reporting period. Additionally, in 2013, Vnesheconombank developed new inquiry forms for Vnesheconombank Group’s entities and provided a number of consultations to subsidiaries on collecting and consolidating the report data.
This Report has been independently corroborated by ZAO PricewaterhouseCoopers Audit (Conclusion Based on the Results of the Non-Financial Audit of the Report), audited by the Internal Control Service of Vnesheconombank and assured by the Non-Financial Reporting Council of the RUIE (The Certificate of Public Assurance by Russian Union of Industrialists and Entrepreneurs).
The report has been examined by the Management Board of Vnesheconombank on September 5, 2014 and approved by Order of Vnesheconombank (No. 955 dated 6 October 2014).
In order to further develop the system of the non-financial reporting, Vnesheconombank has approved a new version of the Regulations on Vnesheconombank Group’s Sustainability Report (Vnesheconombank’s Order No. 630 dated 8 July 2014) providing for reduced terms of preparing the Sustainability Report 2014 through amending the procedures of examining and approving the non-financial reports.