OREANDA-NEWS. December 29, 2010. Vnesheconombank’s first report on sustainable development for 2009 was presented at the International Conference in Moscow “Investments in Sustainable Development. A Role of State Corporations and Companies with State Participation”. The report was published to inform the Russian public on Vnesheconombank’s contribution in ensuring the society’s economic stability, social wellbeing and ecological stability. The release of the non-financial report is in line with the principle of publicity, which commits Vnesheconombank to disclose information about its activity including social and ecological sectors. The document was approved by Vnesheconombank’s Supervisory Board in December of 2010.

The report was prepared with due regard to the Global Reporting Initiative and the sectoral annex to the GRI for the financial services sector, with Vnesheconombank being an official translator of this sectoral annex.

The preparation of the first report was made with due consideration of Vnesheconombank partners’ experience including the European Bank for Reconstruction and Development, development banks of Germany, China, Brazil. In the future, similar reports are to be published on an annual basis.

In June of 2010, Russian President Dmitry Medvedev instructed the Russian Government to prepare proposals for ecological responsibility of large companies with state participation as well as for mandatory reporting on sustainable development subject to independent audit or attestation.

The Global Reporting Initiative, GRI, is an international organization established by the Coalition for Environmentally Responsible Economies, CERES, in partnership with the United Nations Environmental Programme, UNEP, to improve reporting quality and reliability.