The BBVA Group’s 'Working for a better future for people’ vision encompasses its Corporate Responsibility (CR) policy challenges.
BBVA's Corporate Responsibility policy aims to define and strengthen behavior that creates value for all its stakeholders: customers, employees, shareholders, suppliers and society through integrating environmental, social, ethics and governance variables further into its businesses under the corporate principles of integrity, prudence and transparency.
The corporate responsibility governance system made huge progress in 2011: the Group’s Management Committee also took on the role of the Corporate Responsibility and Reputation (CRR) Committee, raising these issues to the bank’s highest executive body. This same model will be replicated locally in the major countries in which we are present.
The new Corporate Responsibility and Reputation governance system is structured as follows:
- Board of Directors.
Responsible for approving and monitoring the corporate responsibility policy. - Group Management Committee.
Will be responsible for promoting and monitoring CRR programs globally. - Local and Business Area Management Committees.
They will be responsible for promoting and monitoring CRR programs locally or in the special business area. These committees will be chaired by the Country Manager or Business Area Manager.
- Cross-sector operating committees:
These committees are responsible for implementing CRR programs. In 2011, the following operating committees were set up, for which the Corporate Responsibility Department acts as Secretary:- Eco-efficiency and Responsible Procurement Committee chaired by the Procurement, Premises and Services (CIS) Manager
- Social, environmental and reputation risk committee chaired by the Group’s Risk Manager
Corporate Responsibility governance
In 2011 BBVA continued to be committed to the main international agreements on corporate responsibility and sustainability, such as the United Nations Global Compact and the Millennium Development Goals, the United Nations Environment Program Finance Initiative (UNEP FI), the Equator Principles, the UN Principles for Responsible Investment (PRI) and the Carbon Disclosure Project (CDP). The Group continues to publicly recognize its respect for the United Nations Declaration of Human Rights, the fundamental labor rights established by the International Labor Organization and the OECD directives for multinational companies (updated in 2011). The Group is also committed to and aligned with the new Corporate Social Responsibility policy that the European Commission published in October 2011.
In 2011 BBVA joined the International Integrated Reporting Council (IIRC) pilot program. The IIRC selected more than 40 top companies from all over the world to participate in the IIRC Pilot Program initiative. This IIRC integrated reporting program is a two-year program that offers a select group of companies the opportunity to work alongside peer group organizations to share knowledge and experiences. These companies will play a decisive role in developing the system which is designed as a practical response to the main challenges of this development in corporate reporting.