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    About the Report
    • About the Report
    • Engagement with Stakeholders in the Preparation of the Report
    • Table of Compliance with GRI
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    Actual trends
    • Responsible Financing
    • Environmentally Important Projects
    • Modernisation of Single-Industry Towns
    • Programme for Financial Support to SMEs
    • Non-Financial Mechanisms of Support to Exports
    • Stakeholder Engagement
    • Volunteer Movement
    • Non-financial Reports of Vnesheconombank Group’s entities

    Table of Compliance with GRI

    Information on GRI G4 disclosure elements is given for Vnesheconombank Group unless stated otherwise.GRI G4 disclosures

    UN Global Compact’s Principles

    Section of the Report / Comments

    Report page

    External sign-off

    General standard disclosures

    Strategy and Analysis

    G4-1

    Statement from the most senior decision-maker of the organisation

    Chairman’s Statement

    G4-2

    Description of key impacts, risks, and opportunities

    Principles 1–10

    1.1. Priority Business Lines of Vnesheconombank Group

    6.2. Risk management in Vnesheconombank Group

    16-25, 126-131

    √

    Organisational profile

    G4-3

    Name of the organisation

    About the Report

    11

    √

    G4-4

    Primary brands, products, and/or services

    1.1. Priority Business Lines of Vnesheconombank Group

    1.2. Strategic Development Priorities

    16-30

    √

    G4-5

    Location of organisation’s headquarters

    Appendix 14

    189

    √

    G4-6

    Number of countries where the organisation operates

    1.1. Priority Business Lines of Vnesheconombank Group

    1.2. Strategic Development Priorities

    6.4. Stakeholder Engagement

    19-24, 29, 136-143

    √

    G4-7

    Nature of ownership and legal form

    About the Report

    11-12

    √

    G4-8

    Markets served

    1.1. Priority Business Lines of Vnesheconombank Group

    1.2. Strategic Development Priorities

    6.4. Stakeholder Engagement

    19-24, 29,
    136-143

    √

    G4-9

    Scale of the reporting organisation

    1. Vnesheconombank Group Today

    2. Investing in Development

    3. Development of Economic Potential

    4. Improving the Investment Climate

    5.1 Investment of Pension Savings

    5.2. Construction of Affordable Housing

    7.1 HR Policy

    Appendix 9

    16-109, 145-146, 183

    √

    G4-10

    Total number of employees by employment contract, staff and non-staff workforce, gender, employment type, etc.

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    Appendix 2

    145-146, 176

    √

    G4-11

    Percentage of total employees covered by collective bargaining agreements

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining

    As of 31 December 2014, collective bargaining agreements were made with all employees of BelVEB and Prominvestbank, while 51% of Vnesheconombank’s employees were trade union member

    √

    G4-12

    Supply chain

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    1.1. Priority Business Lines of Vnesheconombank Group

    6.3. Responsible Business Practices

    25, 133-134

    √

    G4-13

    Significant changes during the reporting period regarding size, structure, or ownership or supply chain

    No significant changes regarding size, structure, or ownership were detected in Vnesheconombank and the Group’s entities in 2014.

    √

    G4-14

    Precautionary principle

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    2.1. Investment Management

    6.2 Risk Management in Vnesheconombank Group

    6.3. Responsible Business Practices

    7.3. Green Office

    The risk management approach is described in detail in annual statements for 2014 and the issuer’s reports http://www.veb.ru/ifi/rep/annual/.

    31-32, 38-41, 128-131, 156-159

    √

    G4-15

    Externally developed economic, environmental and social charters, principles, or other initiatives to which the organisation subscribes or which it endorses

    About the Report

    2.1. Investment Management

    6.4. Stakeholder Engagement

    11, 32, 39, 137, 142

    √

    G4-16

    Memberships of associations and/or national or international advocacy organisations

    6.4. Stakeholder Engagement

    137, 140, 142-143

    √

    Identified Material Aspects and Boundaries

    G4-17

    All entities included in the organization’s consolidated financial statements

    Consolidated financial statements

    √

    G4-18

    The process for defining the report content and the Aspect Boundaries.

    Explain how the organization has implemented the Reporting Principles for Defining Report Content

    About the Report

    6.4. Stakeholder Engagement

    11-13, 143-144

    √

    G4-19

    List of all the material Aspects identified in the process for defining report content.

    6.4. Stakeholder Engagement

    144

    √

    G4-20

    Description of the Aspect Boundary within the organization for each material Aspect

    Disclosed topics are material for all entities of Vnesheconombank Group unless otherwise specified.

    Calculations for Energy, Water, Emissions and Effluents and Waste Aspects are based on large offices owned by and rented by Group’s entities. Small leased offices with the rental calculated without a breakdown into the cost of resource consumption, waste disposal, etc., were not accounted for

    √

    G4-21

    Description of the Aspect Boundary outside the organization for each material Aspect

    Disclosed topics are immaterial outside Vnesheconombank Group unless otherwise specified.

    √

    G4-22

    The effect of any restatements of information provided in previous reports, and the reasons for such restatements

    There are no re-statements of information provided in the VEB Group’s Sustainability Report 2013. год

    √

    G4-23

    Significant changes from previous reporting periods in the Scope and Aspect Boundaries

    About the Report

    12

    √

    Stakeholder Engagement

    G4-24

    List of stakeholders

    6.4. Stakeholder Engagement

    139

    √

    G4-25

    Basis for identification and selection of stakeholders with whom to engage

    6.4. Stakeholder Engagement

    139

    √

    G4-26

    Approach to stakeholder engagement

    6.4. Stakeholder Engagement

    139

    √

    G4-27

    Key topics and concerns that have been raised through stakeholder engagement,

    Appendix 10

    184

    √

    Report Profile

    G4-28

    Reporting period

    01.01.2014 — 31.12.2014

    √

    G4-29

    Date of most recent previous sustainability report

    The VEB Group’s Sustainability Report 2013 was published in 2014. год опубликован в октябре 2014 года

    √

    G4-30

    Reporting cycle

    Vnesheconombank Group publishes its sustainability reports on an annual basis

    √

    G4-31

    Contact point for questions regarding the report or its contents

    Appendix 14

    189

    √

    G4-32

    GRI Content Index

    Appendix 1

    160-175

    √

    G4-33

    Assurance

    About the Report

    Appendices 11-13

    12-13, 185-188

    √

    Governance

    G4-34

    Governance structure of the organisation, including committees of the highest governance body

    6.1. Corporate Governance System

    117-126

    √

    Ethics and Integrity

    G4-56

    Organisation’s values, principles, standards and norms of behaviour such as codes of conduct and codes of ethics

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    6.3. Responsible Business Practices

    7.1. HR Policy

    7.3. Green Office

    In Vnesheconombank and most entities of the Group, principles, standards and norms of behaviour are governed by regulatory documents (codes of corporate conduct, codes of ethics and corporate standards, etc.).

    Employees are trained on business conduct during an onboarding course.

    Some entities of the Group also have in place a relevant online training course.

    131-135, 145, 147-148, 150, 152, 156-157

    √

    Specific standard discolsures

    ЕС

    Economic

    EC-DMA

    Disclosures on management approach

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    1.1. Priority Business Lines of Vnesheconombank Group

    1.2. Strategic Development Priorities

    16-17, 25-30

    √

    G4-EC1

    Direct economic value generated and distributed

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    Appendix 9

    5.3. Charity and Sponsorship

    7.2. Volunteer Movement

    Vnesheconombank’s Annual Report 2014

    Annual reports of Vnesheconombank Group’s entities published on their official web-sites

    183, 110-111

    √

    G4-EC3

    Coverage of the organisation’s defined benefit plan obligations

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    150, 152

    √

    G4-EC4

    Financial assistance received from government

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    Vnesheconombank Group: Key Highlights 2014

    1.1. Priority Business Lines of Vnesheconombank Group

    14, 20-24

    √

    G4-EC5

    Ratios of standard entry level wage by gender compared to local minimum wage at significant locations of operation

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    Appendix 8

    Salary in Vnesheconombank and the Group’s entities is not conditional upon an employee’s gender.

    In the Report, the breakdown by country (Russia, Belarus, Ukraine) is used as a breakdown by significant locations of operation of Vnesheconombank Group

    147-148, 182

    √

    G4-EC7

    Development and impact of infrastructure investments and services supported

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    1.2. Strategic Development Priorities

    2. Investing in Development

    3. Development of Economic Potential

    4. Improving the Investment Climate

    5. Investing in the Community

    27-29, 31-116

    √

    G4-EC8

    Significant indirect economic impacts, including the extent of impacts

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    1.2. Strategic Development Priorities

    2. Investing in Development

    3. Development of Economic Potential

    4. Improving the Investment Climate

    5. Investing in the Community

    27-29, 31-116

    √

    ЕN

    Environmental

    EN-DMA

    Disclosures on management approach

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    Principle 9. Businesses should encourage the development and diffusion of environmentally friendly technologies

    7.3. Green Office

    156-159

    √

    G4-EN1

    Materials used by weight or volume

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    Principle 9. Businesses should encourage the development and diffusion of environmentally friendly technologies

    7.3. Green Office

    158-159

    √

    G4-EN3

    Energy consumption within the organisation

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    7.3. Green Office

    Under the GRI guidelines, quantitative data were converted from kW-h and Gcal into GJ using 0.0036 and 4.1868 ratios, respectively

    158

    √

    G4-EN6

    Reduction of energy consumption

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    In 2014, total consumption of electricity across Vnesheconombank Group was reduced by 35% and constituted 143,449 GJ.

    √

    G4-EN8

    Total water withdrawal by source

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    7.3. Green Office

    In 2014, water consumption across Vnesheconombank Group was reduced by 44% and constituted 183,904 cubic meters.

    159

    √

    G4-EN15

    Direct greenhouse gas emissions

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    Principle 9. Businesses should encourage the development and diffusion of environmentally friendly technologies

    7.3. Green Office

    CO2 equivalent emissions in relation to electricity consumption and CO2 equivalent emissions in relation to usage of corporate cars were assessed in line with procedures of European Bank for Reconstruction and Development and guidelines ‘Safeguarding the Ozone Layer and the Global Climate System: Issues Related to Hydrofluorocarbons and Perfluorocarbons’, respectively

    158-159

    √

    G4-EN23

    Total weight of waste by type and disposal method

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    Principle 9. Businesses should encourage the development and diffusion of environmentally friendly technologies

    7.3. Green Office

    In 2014, municipal solid waste sent by Vnesheconombank Group to landfills were increased by 12% and reached 2,748 tonnes

    158-159

    √

    G4-EN29

    Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with environmental laws and regulations

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    In 2014, neither Vnesheconombank, nor the Group’s entities were liable to any significant fines or non-monetary sanctions for non-compliance with environmental laws and regulations

    √

    G4-EN30

    Significant environmental impacts of transporting products and other goods and materials for the organisation’s operations, and transporting members of the workforce

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    Principle 9. Businesses should encourage the development and diffusion of environmentally friendly technologies

    7.3. Green Office

    159

    √

    G4-EN31

    Total environmental protection expenditures and investments

    Principle 7. Businesses should support a precautionary approach to environmental challenges

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    Principle 9. Businesses should encourage the development and diffusion of environmentally friendly technologies

    7.3. Green Office

    156

    √

    LA

    Social

    Labour Practices and Decent Work

    LA-DMA

    Disclosures on management approach

    Principles 1-6

    7.1. HR Policy

    145, 147-148, 150, 152

    √

    G4-LA1

    Total number and rates of new employee hires and employee turnover by age group, gender and region

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    Appendix 3

    146, 177

    √

    G4-LA2

    Benefits provided to full-time employees that are not provided to temporary or part-time employees, by significant locations of operation

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    Social benefits are offered by Vnesheconombank Group to all staff employees after the probation period

    150-151

    √

    G4-LA3

    Return to work and retention rates after parental leave, by gender

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    Appendix 4

    178

    √

    G4-LA4

    Minimum notice periods regarding operational changes, including whether these are specified in collective agreements

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 3. Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    In line with the Russian Labour Code, the notice period in Vnesheconombank and the Group’s entities operating in Russia is 2 weeks.

    In BelVEB and Prominvestbank, the notice period provision is included in collective bargaining agreements.

    √

    G4-LA6

    Type of injury and rates of injury, occupational diseases, lost days, and absenteeism, and total number of work-related fatalities, by region and by gender

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    7.1. HR Policy

    Appendix 7

    In its relations with independent contractors, Vnesheconombank and the Group’s entities are not liable for health and safety of the contractor’s personnel in the work place.

    152-153, 181

    √

    G4-LA9

    Average hours of training per year per employee by gender, and by employee category

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    Prominvestbank calculates average hours of training per year based on the duration of standard trainings and number of employees subject to these trainings

    148-150

    √

    G4-LA10

    Programs for skills management and lifelong learning that support the continued employability of employees and assist them in managing career endings

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    149

    √

    G4-LA11

    Percentage of employees receiving regular performance and career development reviews, by gender and by employee category

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    7.1. HR Policy

    Appendix 6

    147, 180

    √

    G4-LA16

    Number of grievances about labour practices filed, addressed, and resolved through formal grievance mechanisms

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    Principle 6. Businesses should uphold the elimination of discrimination in respect of employment and occupation

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    In 2014, 6 grievances about labour practices were filed by employees of VEB-Leasing and Sviaz-Bank. All grievances were reviewed and resolved in line with Russian labour laws.

    √

    HR

    Human Rights

    HR-DMA

    Disclosures on management approach

    Principles 1-6, 10

    6.3. Responsible Business Practices

    7.1. HR Policy

    131-135, 145

    √

    G4-HR3

    Total number of incidents of discrimination and corrective actions taken

    Principles 1, 2, 6

    All employees of Vnesheconombank Group are guaranteed equal rights and opportunities regardless of their gender, religious and political beliefs, ethnic origin, and age.

    In 2014, no cases of discrimination were identified in Vnesheconombank Group.

    √

    G4-HR12

    Number of grievances about human rights impacts filed, addressed, and resolved through formal grievance mechanisms

    Principles 1, 2, 6, 10

    In 2014, one grievance about violation of human rights of disabled employees was filed with Sviaz-Bank.

    The grievance was reviewed, and the organisation took all necessary measures to address the identified breaches

    √

    SO

    Society

    SO-DMA

    Disclosures on management approach

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    6.3. Responsible Business Practices

    6.4. Stakeholder Engagement

    131-135, 136-143

    √

    G4-SO1

    Percentage of operations with implemented local community engagement, impact assessments, and development programs

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    2.2. Projects for Regional Development and Modernisation of Single-Industry Towns

    3.1. Support to SMEs

    3.3. Development of Public Private Partnerships

    42-54, 68-76, 83-88

    √

    G4-SO3

    Total number and percentage of operations assessed for risks related to corruption and the significant risks identified

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    6.3. Responsible Business Practices

    In 2014, the Group ran a comprehensive analysis of corruption risks in 77 business units of Vnesheconombank, BelVEB, RDIF and the Far East and Baikal Region Development Fund, or 75% of the total number of business units in these entities

    131-132

    √

    G4-SO4

    Communication and training on anti-corruption policies and procedures

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    6.3. Responsible Business Practices

    Appendix 5

    Vnesheconombank Group does not train business partners on anti-corruption policies and procedures.

    131-132, 179

    √

    G4-SO5

    Confirmed incidents of corruption and actions taken

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    No confirmed incidents of corruption were identified in Vnesheconombank and the Group’s entities in 2014.

    √

    G4-SO8

    Monetary value of significant fines and total number of non-monetary sanctions for non-compliance with laws and regulations

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    In 2014, significant fines were imposed on Prominvestbank (RUB 13.25 mn) and Sviaz-Bank (RUB 2.24 mn).

    The relevant breaches were related to non-compliance with labour laws and non-payments to tax authorities and the Social Security Fund.

    The fines were paid, and the entities took all necessary steps to address the breaches.

    No non-financial sanctions regarding Vnesheconombank Group were identified in 2014

    √

    G4-SO11

    Number of grievances about impacts on society filed, addressed, and resolved through formal grievance mechanisms

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    No grievances about projects financed by Vnesheconombank Group were filed by local residents in 2014

    √

    PR

    Product Responsibility

    PR-DMA

    Disclosures on management approach

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    Principle 10. Businesses should work against corruption in all forms, including extortion and bribery

    6.3. Responsible Business Practices

    131-136

    √

    G4-PR5

    Results of surveys measuring customer satisfaction

    Principle 1. Businesses should support and respect the protection of internationally proclaimed human rights

    Principle 2. Businesses should make sure that they are not complicit in human rights abuses

    6.3. Responsible Business Practices

    135

    √

    FS

    Financial Services Sector Supplement

    FS-DMA

    Disclosures on management approach

    Principles 1, 2, 6-9

    About the Report

    1.2. Strategic Development Priorities

    2.1. Investment Management

    3.2. Support to Exports

    4.2. Developing HR Potential in the Investment Market

    6.1. Corporate Governance System

    6.2. Risk Management

    6.4. Stakeholder Engagement

    7.3. Green Office

    In 2014, 21 employees of Vnesheconombank and 76 employees of BelVEB completed a specialised training course on management of social and/or environmental risks and responsible financing

    In 2014, Globexbank ran an audit of compliance with environmental and social requirements involving experts from a third-party consultancy

    11, 28-32, 38-41, 81, 97-101, 125, 128-129, 137, 141-143, 156-157

    √

    G4-FS6

    Percentage of the portfolio for business lines by specific region, size (e.g. micro/SME/ large) and by sector

    1.1. Priority Business Lines of Vnesheconombank Group

    1.2. Strategic Development Priorities

    2. Investing in Development

    3. Development of Economic Potential

    18-25, 27, 29, 31-88

    √

    G4-FS7

    Monetary value of products and services designed to deliver a specific social benefit for each business line broken down by purpose

    1.1. Priority Business Lines of Vnesheconombank Group

    2. Investing in Development

    3. Development of Economic Potential

    5.1. Investment of Pension Savings

    5.2. Construction of Affordable Housing

    18-25, 31-88, 104-109, 135-136

    √

    G4-FS8

    Monetary value of products and services designed to deliver a specific environmental benefit for each business line broken down by purpose

    Principle 8. Businesses should undertake initiatives to promote greater environmental responsibility

    2.4. Environmentally Important Projects

    61-64

    √

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