BBVA has signed the Global Compact for Business Leadership in the world's economy. This is a voluntary initiative designed to encourage sustainable development and social responsibility through committed and creative business leadership.
The Global Compact was rolled out by the United Nations in 2000. It calls on companies to adopt ten (previously nine) principles related to human rights, labour standards and the environment. The ten principles have a universal basis derived from the following:
- The Universal Declaration of Human Rights
- The declaration of the International Labour Organisation on basic principles and labour rights
- The Rio declaration from the United Nations conference on the environment and development
The 10 principles of the Global Compact are as follows:
Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights within their sphere of influence; and
Principle 2: make sure that they are not complicit in human rights abuses.
Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;
Principle 4: the elimination of all forms of forced and compulsory labour;
Principle 5: the effective abolition of child labour; and
Principle 6: eliminate discrimination in respect of employment and occupation.
Principle 7: Businesses should support a precautionary approach to environmental challenges;
Principle 8: undertake initiatives to promote greater environmental responsibility; and
Principle 9: encourage the development and diffusion of environmentally friendly technologies
Principle 10: Businesses should work against all forms of corruption, including extortion and bribery.
As part of its commitment, BBVA incorporates the ten principles in its strategic vision. It takes the necessary steps to ensure that they form part of the group's procedures around the world. It also co-operates with institutions, NGOs and EU groups on projects to encourage the application of these principles and to provide benefits to the needy.