Adhesion to UN Global Compact
By adhering to the United Nations Global Compact in 2003,
Coface underlines its ambition to roll-out its activity whilst taking into
account the 10 universal principles of the Human Rights Pact, standards for
working and for the environment as well as the fight against corruption which
is in line with a ‘responsible and sustainable development’:
1. To promote and respect the protection of international
law on human rights within its sphere of influence
2. To ensure that its own companies do not connive with human rights violations
3. To respect freedom of association and recognise the right for collective
bargaining
4. To eliminate all forms of forced or compulsory work
5. To abolish employment of children
6. To eliminate discrimination in the fields of employment and professions
7. To apply a precautionary approach to problems affecting the environment
8. To undertake initiatives promoting greater responsibility towards the environment
9. To promote the development and distribution of technologies respecting
the environment
10. To fight corruption in all its forms including extortion and bribery
Given this adhesion, and making commitments to its clients during
times of crisis, fighting for greater transparency and reliability in ratings,
marrying performance and environmental and social issues, Coface reveals that
it is more than anything a responsible company and is commited to sustainable
development.
Environmental risks
In accordance with OECD recommendations concerning the
environment and state-backed export credits, Coface makes the provision of
such guarantees, which it manages in France, conditional on compliance with
environmental and social standards, and especially World Bank guidelines.
This requires us to systematically assess the impact on the environment and
on local populations of projects located in sensitive areas or exceeding €10
million.
Respect of diversity
Coface is committed to diversity and facilitates employment
of handicapped workers in its recruitment, temporary employment and outsourcing
policies, as well as via partnerships with non-profit making associations.
It also has strenghthened its policy of ensuring equality between men and
women (57% of employees) during 2008. Concrete measures were applied in the
areas of remuneration, recruitment, career development and access to training.
Indicators are used to assess the implementation of these measures each year.
Transparency Charter
Coface is committed to giving explanations on its risk
evaluations, through a Transparency Charter applicable to all companies, which
are clients of Coface or clients of their clients.
According to the terms of the Charter, Coface commits to:
1. inform all Coface clients or their customers of their own Coface rating
and their credit rating (all free of charge and on simple request)
2. transmit any reassessment of their Coface ratings or credit opinions (free
of charge)
3. check with companies the veracity and severity of any payment incidents
concerning them and of which Coface is aware, prior to making any decisions
4. Analyse in a fully confidential manner all financial information that a
company sends to Coface before such information becomes public and to inform
the company of any impact that such information might have on their ratings
prior to making any decisions
Coface Trade Aid
Since 2003 Coface Trade Aid has been supporting all social solidarity initiatives
proposed by Coface staff - both individual initiatives or projects undertaken
by charitable associations - provided that such initiatives are consistent
with Coface's values. Projects are chosen according to their utility, their
effectiveness and their objectives, but also in light of the financial transparency,
dynamism and implication of the charitable associations concerned. In 2008,
Coface Trade Aid helped 19 projects.
