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Sustainability Report 2013


Strategy Implementation. Sustainability Objectives and Initiatives

Vnesheconombank’s strategic goal for 2011 — 2015 is boosting its support as a development bank to the sustainable innovative social and economic growth of Russia by upgrading the national economy and enhancing its competitive edge. Vnesheconombank’s Development Strategy will focus on embedding the principles of corporate social responsibility in the Bank’s operations while capturing experience and best practices of international financial development institutions.

Strategy of Vnesheconombank as a development institution

Following its Development Strategy for 2011 — 2015, Vnesheconombank works towards its ambitious objectives to bolster fundamental changes in the social and economic development of Russia. This task will be primarily delivered by building up the Bank’s financial support to programmes and initiatives for innovation-driven modernisation of the Russian economy. The Strategy defines our vision on the development outlooks of the Bank as:

  • a leading organisation providing financial support to, and expert evaluation of, major investment projects and programmes for development of Russian economic sectors and regions of national significance;
  • a centre promoting public private partnership (PPP) mechanisms and an investment consultant to the Russian Government;
  • a leader in implementing the government programme for support to SMEs;
  • a centre of financial and guarantee support to the national exports;
  • a state management company for trust management of pension savings;
  • an agent for the Russian Government to manage the state external debt and state external financial assets, recover amounts payable to the federal purse, and issue/honour state guarantees;
  • a public and transparent entity that contributes to building an attractive investment climate and an international financial hub in Russia;
  • a financially stable entity;
  • a strategically oriented and socially responsible entity.

In 2013, to enhance its efforts in pursuing the Strategy, Vnesheconombank continued building a strategic governance framework. The key deliverables achieved as a result included:

  • an updated roadmap for implementing Vnesheconombank’s Development Strategy;
  • a concept of a framework to follow up the Strategy implementation based on a balanced scorecard system;
  • approved strategic development benchmarks for Vnesheconombank for the period until 2020 that will underlie the Bank’s strategy moving forward.

In 2011-2013, the Strategy was implemented in a relatively favourable macroeconomic context. This prompted a rapid build-up of financing allocated by Vnesheconombank to investment projects, a stronger support to high-tech exports and a progress on SME support programmes. As a consequence, most performance indicators set out in the Strategy were achieved in 2013 ahead of deadlines.

Strategic performance indicators of Vnesheconombank for 2011 — 2015 (RUB bn)
Indicator 2011 2012 2013 Target for 2015 Implemented %
Development bank’s loan portfolio 505.4 720.2 974.6 850.0 115
Replaced the “Financial Support to SME (via SME Bank)” indicator in 2012 as resolved by Vnesheconombank’s Supervisory Board. Financing allocated to SME 73.7 82.9 96.0 150.0 64
Support to exports 47.0 50.4 122.1 88.0 139
  • export support loan portfolio (within the development bank’s loan portfolio)
2.9 2.5 22.3 28.0 80
  • guarantee portfolio
44.1 47.9 99.6 60.0 166
Innovative project share in the development bank loan portfolio (%) 19.5 33.8 33.9 20.0 170
Breakeven point of the Bank’s operations (Bank’s profit) 19.8 5.4 20.6 >0 100

Vnesheconombank’s Strategic Map for 2011 — 2015




CSR as part of Vnesheconombank’s overall strategy

Building the corporate social responsibility framework lies at the heart of our efficient performance as the national development institution working towards social welfare and economic stability. Vnesheconombank is committed to spearhead the efforts promoting corporate social responsibility and sustainability principles in Russia and is actively engaged in all major initiatives in this area.

We are embedding sustainability principles in our operations in line with the Corporate Social Responsibility Strategy for 2012 — 2015, the priority areas of which are aligned with ISO 26000:2010 Guidance on Social Responsibility. In 2013, Vnesheconombank ran a self-assessment of its operations for compliance with the principles of ISO 26000:2010 international standard using the RUIE methodology.

Embedding sustainability principles in Vnesheconombank’s operations
Key initiatives The Bank’s achievements in 2013 Outlooks
Promoting responsible finance practices
  • Set up a Responsible Finance division and an Analytical Support to Sustainable and Institutional Development division within the Bank’s structure
  • Approved the responsible finance policy
  • Joined UNEP FI
  • Validated the guidelines for assessment of social and economic efficiency of Vnesheconombank’s operations
  • Started drafting the methodology for environmental and social assessment of investment projects in line with leading-edge international approaches and standards
Further embed responsible finance practices into Vnesheconombank’s lending and investment operations.
Develop and expand the mechanisms for monitoring the efficiency of investment projects and assessing socio-economic and environmental performance by Vnesheconombank
Preparing non-financial reports and engaging stakeholders
  • Secured involvement in the activities of the interdepartmental working group of the Russian Ministry of Economic Development responsible for the draft concept of promoting non-financial reporting in Russia
  • Developed the Stakeholder Engagement Policy
Integrate the Stakeholder Engagement Policy into Vnesheconombank Group’s non-financial reporting process
Promoting CSR principles in the business community and across Vnesheconombank Group
  • Vnesheconombank took over the leadership in UN Global Compact Network Russia
  • Held the 4th “Investment in Sustainability” conference
  • SME Bank approved its Code of Corporate Conduct and Corporate Social Responsibility and Sustainability Policy
  • A number of the Group’s entities issued their first sustainability reports
  • Held a workshop for employees of Vnesheconombank Group on non-financial reporting and volunteering
Promote CSR principles in the business community, including across Vnesheconombank Group.
Boost the activities of UN Global Compact Network Russia
Running volunteer projects
  • Ran 19 volunteer initiatives that involved employees of Vnesheconombank and the Group’s entities
Expand volunteering areas and more actively engage employees of Vnesheconombank Group’s entities in volunteer initiatives
Managing environmental impact
  • Developed corporate regulatory documents to streamline the consumption of electricity, water and other resources
Embed the corporate environmental policy in Vnesheconombank’s operations