URALSIB Financial Corporation has taken a leading role in new government initiatives to encourage ethical business, improve transparency and fight corruption as well as to develop a corporate culture of private sponsorship.

Corporate Social Responsibility (CSR) has become the buzzword for multinational companies worldwide and Russian companies have started to understand the importance of being a good corporate citizen.

At a groundbreaking meeting, government officials endorsed the importance of CSR if Russian companies are to gain access to new markets and be accepted as equal partners in the world business community.

URALSIB is the first company in Russia to meet new international reporting requirements for CSR after a new report audited by PricewaterhouseCoopers confirmed it had met the high standards required in accordance with the Global Reporting Initiatives Guidelines (GRI) G3. URALSIB received a B rating.

At the landmark hearing on March 15 held in the Russian Federation Council, politicians, businessmen, and representatives of the social organizations discussed the importance of the Corporate Social Responsibility (CSR) reporting in Russia.

Alexander Pershikov, Senior Vice President, URALSIB Financial Corporation, spoke on behalf of Russia's largest enterprises when he explained Russian companies need CSR reporting if they are to take their place on the world stage as a member of international business community.

"The practice of the CSR reporting is of great importance for the URALSIB Financial Corporation and its partners. We are proud that the Corporation has laid the foundations for further development of social policy and sponsorship, - said Alexander Pershikov.

Sergei Samoilov, Adviser to the President, and Alexander Torshin, Viсе President of the Federation Council, emphasized the importance of the Corporate Social Responsibility. Brook Horowitz, executive director of the International Business Leaders' Forum (IBLF), said in his speech that CSR reporting is vitally important for the companies with a long-term strategy for profitable growth and who take into consideration the risks and the opportunities brought about by social changes. This contributes to the growth of the companies' capitalization.

Deputy Head of the Committee for Economic Policy and Entrepreneurship and Property Andrei Khazin pointed the development of CSR reporting will form the core of interaction between business and state in the future. "Analysis of the social and economic situation in Russia demonstrates that there is an urgent need for cooperation between the government and the representatives of business in order to build a solid foundation for the Russian economy and a stable society. "

Teodorina Lessidrenska, head of the international standard for GRI reporting, stressed that "The high level of transparency of URALSIB business is outstanding" and congratulated the Corporation for being the leader for CSR reporting in Russia.