- SEC fines Citigroup for books and records violations and inadequate controls
- Wahed Invest launches Halal-friendly digital investment platform
- Specialist UK police unit prevents £25m of fraud in first half of 2018
- Research finds customers less likely to remember the amount paid by card than cash
- RBS' chief financial officer to join HSBC as finance director
- Diebold Nixdorf wins ATM patent dispute against Nautilus Hyosung
- Halifax reveals Greater London house prices per m2 stall for first time in eight years expired
- RBS welcomed tech pioneers to Edinburgh expired
- Fed Board prohibits former NBRS Financial boss from working in the banking industry expired
- Industrial Bank uses Avaloq to create Hong Kong private banking business expired
- FS workers amongst worst in UK for doing nothing to relieve work stress expired
- Continuous learning will keep FS ahead of evolving malware threats expired
5th December 2017
FAB becomes first UAE bank to sign up to UN Global Compact
First Abu Dhabi Bank (FAB) is the first UAE bank to become a signatory to the United Nations Global Compact (UNGC) – a UN policy initiative encouraging businesses worldwide to adopt sustainable and socially responsible policies.
The UN Global Compact is the world's largest corporate social sustainability initiative with over 12,000 signatories across 170 countries. By signing the UN Global Compact, FAB has agreed to align its strategies and operations with UNGC’s 10 Principles – which encompass human rights, labour, the environment and anti-corruption – and take actions that advance societal goals.
The 10 UNGC principles are aligned with the UN’s Sustainable Development Goals (SDGs), which apply to all countries. The UAE released its first State of Sustainability Report in 2016 which set out goals to meet the 17 SDGs, ranging from eradicating poverty and improving education to providing clean water for all.
Belinda Scott, Head of Corporate Sustainability at FAB, said: “We are proud to be a signatory to the UN Global Compact, which emphasises our dedication to implementing responsible business practices and supporting the UAE’s commitments to green growth and sustainability.
"In line with our three pillars of sustainability – people, planet and profit – we have achieved significant milestones in creating social, environmental and economic value for our stakeholders, successfully establishing the bank as a regional leader in sustainability.
“Joining the UNGC is an extension of our ongoing commitments to transparency and maintaining high ethical standards across everything we do. FAB’s sustainability strategy is already based on implementing progressive practices and embedding a strong sustainability culture throughout the organisation, and we are pleased to be playing our role in fostering development across the globe and driving change towards a more sustainable future.”