NEW YORK, May 10, 2010 (BUSINESS WIRE) -- --As First Major U.S. Bank to Sign Accord, Citi Joins Thousands of Members Globally Citi today announced that it had signed on to the United Nations Global Compact, the world's largest corporate citizenship initiative. Citi is the first major U.S.-based bank to sign onto the Global Compact.
"I am pleased to confirm that Citi supports the 10 principles of the Global Compact with respect to human rights, labor, environment and anti-corruption," said CEO Vikram Pandit in his letter to Secretary-General Ban Ki-moon of the United Nations. "We are committed to making the Global Compact and its principles part of the strategy and culture of our company, and to engage in projects which advance the broader development goals of the United Nations." Implementation of the UN Global Compact relies on public accountability and disclosure of its participants through an annual "Communication on Progress." This aligns strongly with Citi's commitment to transparency, as evidenced by the company's annual Global Citizenship Report (found at citizenship.citigroup.com).
Citi's announcement builds on a long track record of developing leading environmental, social, and corporate governance initiatives, including: -- Being a key bank in the development of the 2003 Equator Principles, a voluntary set of industry guidelines to manage the environmental and social risks of project financing globally. In 2010, Citi was elected Chair of the Equator Principles Steering Committee. Additionally, Citi's broader Environmental and Social Risk Management (ESRM) policy incorporates many of the environmental, social, labor and human rights safeguards promoted by the Global Compact; -- The launch in 2005 of Citi Microfinance which now counts as its clients and partners more than 100 microfinance institutions in over 40 countries. Citi was one of the early signatories of The Client Protection Principles in Microfinance which ensure that providers of financial services to low-income populations take concrete steps to protect their clients from potentially harmful financial products and ensure that they are treated fairly; -- The establishment of a strong diversity network program for employees, including 54 different networks such as those for women, people with disabilities, multicultural heritage, and LGBT pride networks; and -- Since its founding in 2000, Citi has been a member of the Wolfsberg Group and has strongly supported the Group's 2007 Statement against Corruption and other international efforts to combat the use of financial systems for bribery and corrupt activity.
For more information, visit: http://www.unglobalcompact.org About Citi Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 140 countries. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.Citigroup.com or www.Citi.com.
Photos/Multimedia Gallery Available: http://www.businesswire.com/cgi-bin/mmg.cgi?eid=6284468&lang=en SOURCE: Citi CONTACT: Citi Andrea Hurst, 212-559-4767 Copyright Business Wire 2010 -0- KEYWORD: United States
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