- Citibank to pay more than $38m for improper handling of ADRs
- Barclaycard joins Coupa as inaugural pay partner
- US agencies issue proposal to streamline regulatory reporting for qualifying small institutions
- Barclays launches free mobile invoicing for SME clients
- Mortgage market softens following period of strong growth, according to UK Finance
- Alison Rose appointed Deputy CEO of NatWest Holdings
- Financial fraud is an industry-wide problem, says Diebold Nixdorf expired
- Lords EU Committee take evidence from the British Business Bank and Germany’s KfW expired
- Banks must unify information streams to combat fraud, says ThreatConnect expired
- UniCredit non-executive director Andrea Sironi resigns expired
- Deutsche Bank completes demerger of its Polish private and commercial banking business expired
- UK Finance supports government on mortgage solutions 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.”