Communication on Progress

Communication on Progress

Participant
Published
  • 24-May-2017
Time period
  • May 2016  –  May 2017
Format
  • Stand alone document – Basic COP Template
Differentiation Level
  • This COP qualifies for the Global Compact Active level
Self-assessment
  • Includes a CEO statement of continued support for the UN Global Compact and its ten principles
  • Description of actions or relevant policies related to Human Rights
  • Description of actions or relevant policies related to Labour
  • Description of actions or relevant policies related to Environment
  • Description of actions or relevant policies related to Anti-Corruption
  • Includes a measurement of outcomes
 
  • Statement of continued support by the Chief Executive Officer

  • Statement of the company's chief executive (CEO or equivalent) expressing continued support for the Global Compact and renewing the company's ongoing commitment to the initiative and its principles.

  • 2 May 2017

    To our stakeholders:

    We are pleased to confirm that The Saudi Investment Bank (SAIB) reaffirms its support of the Ten Principles of the United Nations Global Compact in the areas of Human Rights, Labour, Environment and Anti-Corruption.

    In this annual Communication on Progress, we describe our actions to continually improve the integration of the Global Compact and its principles into our business strategy, culture and daily operations. We also commit to share this information with our stakeholders using our primary channels of communication.

    Sincerely yours

    Musaed Al Mineefi
    Chief Executive Officer

Human Rights
  • Assessment, policy and goals

  • Description of the relevance of human rights for the company (i.e. human rights risk-assessment). Description of policies, public commitments and company goals on Human Rights.

  • SAIB respects the rights of all employees which is reflected in our HR policy, Code of Conduct. The Bank will complete the SA8000 certificate this year in support of our passion for human rights. For more information our website www.saib.com.sa - Corporate Governance Section.

  • Implementation

  • Description of concrete actions to implement Human Rights policies, address Human Rights risks and respond to Human Rights violations.

  • The SA8000 certificate will further support the implementation of our support in protecting all stakeholders.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates performance.

  • Our code of Conduct allows for any employee or stakeholder to report issues directly to our Board of Directors via secure eform or via a confidential email which the CEO and GM HR have acesss to.

Labour
  • Assessment, policy and goals

  • Description of the relevance of labour rights for the company (i.e. labour rights-related risks and opportunities). Description of written policies, public commitments and company goals on labour rights.

  • Our HR Policy and Code of Conduct support this principle.

  • Implementation

  • Description of concrete actions taken by the company to implement labour policies, address labour risks and respond to labour violations.

  • SA8000 Certification in progress.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates performance.

  • Performance is based on formal HR Monthly Reports to the Senior Executives within the Bank.

Environment
  • Assessment, policy and goals

  • Description of the relevance of environmental protection for the company (i.e. environmental risks and opportunities). Description of policies, public commitments and company goals on environmental protection.

  • Our Building Management System (BMS) allows for the Bank to control, regulate and manage consumption of our buildings in a cost effective and environmentally friendly manner

  • Implementation

  • Description of concrete actions to implement environmental policies, address environmental risks and respond to environmental incidents.

  • KPI's are cascaded down across the Bank to reduce usage of utilities such as water, electricity and paper. Staff are encourages via regular messages to recycle plastic, paper and electronic items.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates environmental performance.

  • Our recent OHSAS 18001 certificate and disclosures related incidents, fines, usage of water, electric and carbon usages and are disclosed in our annual Sustainability Report using the new GRI Standard : Core Option.

Anti-Corruption
  • Assessment, policy and goals

  • Description of the relevance of anti-corruption for the company (i.e. anti-corruption risk-assessment). Description of policies, public commitments and company goals on anti-corruption.

  • Bribery and Corruption and not tolerated within the organisation and are back up by policies and operating procedures with he Governance framework of the Bank.

  • Implementation

  • Description of concrete actions to implement anti-corruption policies, address anti-corruption risks and respond to incidents.

  • Our HR Policy, Code of Conduct and local law are the guides to ensure the manner in which such incidents are deal and managed.

  • Measurement of outcomes

  • Description of how the company monitors and evaluates anti-corruption performance.

  • Our Compliance Dept and Anti Money Laundering Dept. monitor such activities using internal tools.