Annual report 2011 - VTB

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VTB Annual Report 20116. Corporate social responsibility104Automatic control systems for energy consumptionare installed in the Bank’s offices. VTB was one ofthe first companies to start using fluorescent lights,and subsequently LED and halogen lights, insteadof incandescent bulbs. In 2012, the lamps in varioustechnical facilities and the hallways of three of theBank’s buildings will be replaced with more advancedLED lights. According to preliminary estimates, thischange will reduce the annual electricity consumptionat these facilities by a factor of two.The Programme for Energy Conservation and EnergyEfficiency in VTB Bank for 2011–2012, which wasapproved by the Management Board, is in theprocess of realisation. As part of this programme,VTB optimises the performance of air conditioningsystems, uses energy-saving lighting fixtures moreextensively, and has gradually been reducing thenumber of household electrical appliances.In addition, VTB Bank is trying to reduce theconsumption of paper. For this reason, an electronicdocument management system was introducedthroughout many offices. Internal correspondenceis conducted via electronic channels, and modernsoftware is installed to automate processes. Whennegotiating contracts in the electronic documentmanagement system, scanned or electronic versions ofdocuments are sent out to departments for review andapproval. If necessary, amendments may also be doneelectronically, approved by a digital signature, and nohard copy is required. These measures have enabledthe Bank to substantially reduce its paper consumption.VTB continues to increase the use ofvideoconferencing to reduce the amount of businesstravel, normally required as a result of the diversenature of the Group’s business. This helps to savefuel, energy and financial resources.Along with the responsible management ofresources, the Bank ensures that the production andconsumption waste that is generated by its workingprocesses is properly disposed of at specialisedfacilities. Paper that has been used is recycled forthe production of secondary raw materials andhousehold waste is disposed of in special landfills.A contractor with the relevant licence deals with usedfluorescent lights.When replacing old vehicles, in addition to theprice and operational capabilities of the potentialreplacement, VTB Bank pays special attention tofuel consumption figures and the level of hazardousemissions. Currently, all VTB motor vehicles complywith Euro-3 and Euro-4 standards.6.3. Social programmesVTB Bank’s long-term success is inseparable fromthe wellbeing of society, which is why VTB supportssocially important initiatives that are not directlyrelated to the Group’s core activities. The support weprovide mainly takes the form of charitable projectsand sponsorships.In 2011, VTB Bank donated approximatelyRUB 1.9 billion in total to charitable causes and tosponsor various projects across Russia and abroad.The most important activities of VTB Group in thesocial sphere include support for projects related tosocial development, cultural and scientific heritagein countries where the Group operates, as well asthe promotion and development of sports and theprovision of aid to vulnerable groups within society.The Bank also actively develops partnerships withhealthcare and educational institutions. In March2011, VTB was awarded the ‘Patron of the Decade’award, following the ‘Benefactors of the Decade’rating, which is compiled by Profile magazine.SportsOne of the priority tasks of VTB Group’s social activityis to support sporting events and to create a stablefinancial base that enables Russian sportsmen andsportswomen to compete successfully in varioussports worldwide. In 2011, VTB Bank lent its financialsupport to various Russian and international sportsorganisations, including:Dynamo Moscow Football ClubVTB United LeagueUnited Hockey Club DynamoFutsal Club DynamoRussian Basketball FederationRussian Gymnastics FederationKAMAZ-Master rally teamVolleyball Federation of RussiaInternational Judo FederationInternational Association of Athletics Federations(IAAF)International Gymnastics Federation (FIG)Russian Mountain Ski and Snowboarding FederationVTB Bank has been the primary sponsor of the KAMAZ-Master rally team for the past five years. The long-termpartnership between the Bank and the team is anexample of fruitful collaboration between businessand sport, and the team’s huge success in the 2011Dakar Rally is evidence of this. For the first time inthe history of Dakar, four crews from one team wonthe first four places in the competition. This victorymarked an anniversary for the Russian team – it wastheir tenth victory. The efficiency of the collaborationbetween VTB and KAMAZ-Master is now well proven –a Russian team has never achieved such a significantsuccess at the international level in any other form ofmotorsports.VTB also contributes to the strengthening of theRussian national teams’ status in Olympic sportsdisciplines, as the Bank has sponsored the RussianBasketball Federation and the Volleyball Federation ofRussia in their preparations for two Olympic Games.Results in 2011 have shown that Russian supportershave every reason to expect good performancesfrom Russian sportsmen and sportswomen in the2012 London Olympic Games. During the reportingperiod, the Russian women’s basketball team had asuccessful season and won the European Women’sBasketball Championship. Another highlight was thevictory of the Russian men’s national volleyball teamin the World League 2011 and their gold medal inthe Volleyball World Cup in Japan, which secured theteam’s participation in the London Olympics.Arts and CultureOne of the main areas of focus of the Bank’s socialpolicy is to support cultural institutions. In recentyears, VTB has collaborated with Russia’s largestmuseums and theatres to implement a number oflarge-scale projects. The Bank is actively involvedin the cultural life of Moscow and St. Petersburg, itfacilitates the promotion of substantial projects inthe Russian regions and it helps to develop culturalties with other countries.In 2011, as a present for the Tretyakov Gallery’s155th birthday, the Bank financed the Gallery’spurchase of unique paintings by Nikolai Ge sothat they could be displayed at the ‘What is Truth?180th Anniversary of Nikolai Ge’s Birth’ exhibition.Previously, the paintings had for over a century beenin the possession of Swiss art collectors.In addition, VTB sponsored an exhibition devotedto the 150th anniversary of the birth of KonstantinKorovin, an outstanding Russian painter, which washeld in the halls of the Benois Wing of the RussianMuseum. For the first time, about 250 of the artist’sworks from 15 Russian museums were presented tothe public.VTB also continues to support Russia’s leadingtheatres. VTB is a member of the Bolshoi Theatre105
VTB Annual Report 20117. Management responsibility statement106Board of Trustees and a General Partner of theMariinsky Theatre. The Bank provides ongoingsupport to the Pyotr Fomenko Workshop Theatre inMoscow.In 2011, VTB sponsored Pyotr Tchaikovsky’s ballet‘Sleeping Beauty’, which was staged in the BolshoiTheatre. It was the first ballet premier on the stageof the historic building after its re-opening.In June 2011, the Bank supported a charity tour ofthe Pyotr Fomenko Workshop Theatre. The theatregave two charity performances on the stage ofthe Black Sea Fleet Lavrenev Drama Theatre inSevastopol. One performance was given for thesailors and their families, the other was opento the public. The funds raised from the secondperformance were donated to Lavrenev DramaTheatre in Sevastopol, which is one of the culturaland artistic divisions of the Russian Black Sea Fleet.The Bank supported the 10th Moscow EasterFestival in 2011. This music forum expanded on thisoccasion outside Russia – the concert programmecovered five capitals: Moscow, Kiev, Minsk, Vilniusand Astana, as well as 38 cities in Russia. In total,there were 122 concerts.With the support of the VTB Group, the 19th Stars ofthe White Nights Music Festival also reached outsideSt. Petersburg. 115 concerts and performanceswere held not only in the northern capital of Russia,but also in Moscow and Veliky Novgorod. Thefestival was opened at the Mariinsky Theatre witha sparkling premiere of Gaetano Donizetti’s opera’L’Elisir d’Amore’, starring Anna Netrebko.As usual, the Bank also sponsored the 11thMariinsky International Ballet Festival.In 2011, for the second consecutive year, VTB actedas an official sponsor of the TEFI-Region (NationalTelevision Competition), which was established in1994. The TEFI award is the most prestigious awardin the Russian television industry.Social InvestmentsOver the last eight years, VTB has been developingits own charity programme, ‘World Without Tears’,which is aimed at providing support to children’shealthcare institutions. In 2011, events within theprogramme were held in Ufa, Orenburg, Voronezh,Kursk, Vladimir, Ulan-Ude, Yuzhno-Sakhalinsk,Petropavlovsk-Kamchatskiy, Volgograd and Moscow.The annual budget of the programme amountedto RUB 15 million. All funds were used for thepurchase of medical equipment and pharmaceuticalsexclusively for children’s hospitals.VTB also traditionally provides support to Russianeducational institutions. Over the course of thereporting period, VTB partnered with the followinghigher education establishments:Saint Petersburg State UniversityThe Finance University under the Government of theRussian FederationThe Baltic State Technical University ‘Voenmeh’The Russian State University for the HumanitiesThe Moscow School of Economics of LomonosovMoscow State UniversityThe Military Academy of the General Staff of theArmed Forces of the Russian FederationIn addition, during the year the Bank regularly lentits financial support to residential schools andorphanages, normal schools, veterans’ funds andassociations, as well as to religious organisations.7. Management responsibility statementVTB Management is responsible for preparing theAnnual Report and the Group’s consolidated financialstatements in accordance with applicable lawsand regulations. The management responsibilitystatement forms an integral part of the Annual Reportand is prepared in accordance with the requirementsof the UK Financial Services Authority (FSA).VTB Group’s internal regulations require itsmanagement to prepare the consolidated financialstatements in accordance with International FinancialReporting Standards (IFRS) and applicable laws andregulations.The consolidated financial statements, as requiredby law and IFRS, present a true and fair view of theGroup’s state of affairs and profit.In preparing the consolidated financial statements,VTB Management is required to:select suitable accounting policies and then applythem consistently;make judgments and estimates that are reasonableand prudent;state whether applicable accounting standards havebeen followed, with any material deviations fromthe standards being disclosed and explained in thestatements;prepare consolidated financial statements on a goingconcern basis, unless it is inappropriate to presumethat the Group will continue its business activity inthe near future.VTB Management is responsible for keeping properaccounting records, which enable them to disclosewith reasonable accuracy at any time, the financialposition of the Group, and to ensure that theaccounts comply with the Companies Act 1985.They are also responsible for safeguarding the assetsof the Group and, hence, for taking reasonable stepsfor the prevention and detection of fraud and otherirregularities.VTB Bank President and Chairmanof the Management BoardAndrey L. Kostin107
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