OREANDA-NEWS. March 21, 2007. URALSIB Financial Corporation has been awarded the prestigious "Transparency Award 2007" for corporate transparency. For the first time the Corporation received "Transparency Award" in September 2006. The "Transparency Award" is given to recognize excellence in the implementation of high standards of transparency of business structures, financial systems and Corporate Social Responsibility reporting, reported the press-centre of  URALSIB.

"The Award is a confirmation of our transparency performances, and will give us new impulse for further developments in corporate openness", - said Alexander Pershikov, Senior Vice President, URALSIB Financial Corporation.

Russian-Swiss Business Club, the project's organiser, carried out an extensive research study into the transparency and social activities of businesses in Russia. "The Transparency Award means that your business is trustworthy", - said Jaques Gainsbury, "Transparency Award" project director, at the awards ceremony which took place in Geneva.

The implementation of higher transparency standards is linked with Corporate Social Responsibility and CSR reporting. URALSIB Financial Corporation, first among the Russian companies, has prepared the audited 2005 CSR report tailored in accordance with the reporting principles set out in the Global Reporting Initiative (GRI) Guidelines G3.  The report was audited by PricewaterhouseCoopers and evaluated at B+.

"URALSIB Social Responsibilities Report reflects the Corporation's commitment to transparency in managing its internal processes and openness in external interaction. We see that the Corporation is focused on delivering corporate responsibilities performance that reflects the key strategic business priorities. The Principles of Corporate Social Responsibilities are integrated in the business processes of the Corporation and it will continue the CSR reporting process in the future", - said Marcus Nothiger, Director, PricewaterhouseCoopers, Switzerland, who headed the audit.

The "Transparency Award" is a joint project of the Russian-Swiss Business Club and the INSAM Swiss Institute supported by PricewaterhouseCoopers, the Center of Anticorruption Research and Initiatives Transparency International and the International Social Organisation "Association of Accountants "Sodrujzestvo". The aim of the project is to stimulate the implementation of high standards of transparency as well as to increase social responsibility in business.