For the first time VTB Bank’s third social report has disclosed the information not only on the corporate social responsibility of the bank, but also of VTB Group. Andrey Kostin, President and Chairman of the Management Board of VTB Bank, said:
“The following report which contains information on the whole Group is the next step towards information transparency and open dialogue with a wide range of stakeholders”.
VTB Bank has become the first Russian state-owned bank that issues its social report. The bank consistently integrates corporate social responsibility principles into its strategy and communication policy.
Among VTB Group’s traditional priorities there are issues related to the support of the Russian economy, care for the Group’s employees, and responsible attitude to the environment. The Plan of Effective Growth stipulated by the Group’s Strategy for 2010-2013 considers social responsibility principles, and is aimed at developing the business that facilitates positive social and economic changes. The report includes a list of objectives for 2011 covering the areas related to corporate social responsibility. The objectives are coordinated with VTB Bank’s executive officers, as the next report will present their implementation status.
VTB Group traditionally supports socially important projects that are not directly connected with its core business and human resource management - aid projects and sponsorship. In 2010 VTB Bank totally granted about RUB 1.366 billion for charity projects and RUB 1.699 billion for various project financing in Russia and abroad.
Vasily Titov, First Deputy President and Chairman of the Management Board said:“We believe one of the ultimate benefits of business is that it can change our world for the better not only in the core business area but also in the areas where the main human values are created”.