Ramallah-(BNEWS)- Bank of Palestine renewed its participation in supporting the United Nations Global Compact for Business Enterprise, which is focused on applying the Ten Principles stipulated in the agreement in the areas of human rights, labor, the environment, development, and combatting corruption, in line with the Bank’s policy and strategy.
Global Compact, which encompasses nearly 17,000 financial institutions and companies in more than 160 countries around the world, is a purely voluntary initiative, aiming to achieve two main objectives represented in integrating the Ten Principles in the activities of commercial institutions all over the world, and catalyzing actions in support of the Sustainable Development Goals (SDGs) adopted by all UN Member States.
Mahmoud Al Shawa, the General Manager of Bank of Palestine, expressed his pride in renewing the Bank’s participation in supporting the United Nations Global Compact, which comprises thousands of banking institutions and companies, with which "we share the same goals to ensure the achievement of the principle of transparency, governance, accountability and responsible commercial practices to serve our society in accordance with best international standards".
According to Al Shawa, "the renewal of this participation is in line with our comprehensive policies and strategy to continuously adhere to the implementation of the sustainability approach that we adopted in our various internal and external banking activities, in order to contribute to building a developmental society and a sustainable economy, in addition to strengthening sustainability endeavors".
Al Shawa clarified that Bank of Palestine allocates 5% of its annual profits to support various community initiatives in various developmental sectors across the Palestinian governorates, thus significantly contributing to stability, commercial prosperity and achieving economic welfare.
Participation again in supporting the Global Compact constitutes a clear commitment to the Ten Principles, especially for companies that have committed to integrating change into their business operations, making the Global Compact and the principles on which it is based, part of their management style, strategy, culture and daily operations. These companies are also working to include in their annual report or any similar public report they issue, a description of the methods and ways in which they support the UN Global Compact and its Ten Principles through different means of communication such as press releases, lectures and panel discussions.