Sterling Bank Plc has become a participatory member of the United Nations Global Compact.
A statement from the bank said, “It is the world’s largest sustainability initiative with more than 9,000 businesses and non- business participants in 135 countries.”
The UNGC is a voluntary initiative to promote sustainable development and good corporate citizenship, a set of values based on universally accepted principles, a network of companies and other stakeholders as well as a forum for learning and exchange of experiences, it stated.
As a participant, the UN Global Compact Office said that Sterling Bank was committed to effect changes in its business operations to be in conformity with the body’s principles.
This, it added, would become part of its business strategy, day-to-day operations and organisational culture.
Furthermore, it would incorporate the UNGC and its principles in the decision-making processes.
Sterling Bank is expected to promote the UNGC and its principles through available communication channels and communicate annually with its stakeholders on efforts to implement the UNGC principles and post this communication on progress on the UNGC website.
The bank is also expected to take actions in support of the UN goals and issues, including the Sustainable Development Goals, and to communicate efforts made in achieving these goals.
Prior to being a member, Sterling Bank stated that it had already adopted some sustainability initiatives in line with the UNGC principles.
They include the Sustainable Banking Policy, which contains elements of human rights, labour relations and denouncing child labour.
The bank said it had also developed a Diversity & Equality Policy which incorporated gender equality and women empowerment.
“Besides this, the bank’s Carbon Footprint Policy highlights its commitment to protecting the environment; and it has also developed an anti-corruption policy which explicitly emphasises its zero tolerance for corruption.
“The concept of human rights acknowledges that every single human being is entitled to enjoy his or her human rights without distinction as to race, colour, sex, language, religion, political or other opinions, national or social origin, property, birth or other status,” the statement said.