Responsibilities for society and the environment
The LLB Group aims to act responsibly and create value. It is partner of the LIFE Climate Foundation Liechtenstein and the Swiss Climate Foundation. We are committed to leaving future generations with stable social conditions and an environment that is as intact as possible by sustainably managing resources.
At the end of 2014, the LLB Group established a set of about 25 sustainability topics together with experts from the sustainability consultancy Sustainserv. These will be used in the course of 2015 to review, evaluate and refocus the LLB Group’s development on strategic priorities. The analysis and interpretation of these data according to Global Reporting Initiative G4 Sustainability Reporting Guidelines should make sustainability more tangible and allow the company’s development to be measured and evaluated.
The organizational unit Group Corporate Communications works together with line and support units to coordinate the implementation and development of objectives and priorities.
This Annual Report 2014 contains the integrated “Stakeholders report” with its proactive focus on sustainability. The LLB Group is not only an attractive and socially responsible employer; it is also active in different areas of culture and ecology as well as society.
Sustainable business management is part of the Liechtensteinische Landesbank’s principles governing corporate strategy, making us a reliable partner for people and the economy. At the same time, social commitment has always been an essential part of our corporate identity. Our activities are in line with our statutory mandate: according to Art. 3 of the Law on the Liechtensteinische Landesbank (LLBG) of 21 October 1992 and according to the investment strategy of the Government of the Principality of Liechtenstein of 22 November 2011, LLB is mandated with the social responsibility of promoting Liechtenstein’s economic development while at the same time still taking ethical and ecological factors into account (see chapter “”). The economic contribution – dividends and direct taxes and the compensation payment for the state guarantee – of the LLB Group, which is listed on SIX Swiss Exchange, amounted to CHF 34.7 million in 2014 (2013: CHF 31.1 million).
Transparent corporate governance
Integrity, performance and trustworthiness form the basis of responsible and transparent corporate governance, whereby effective risk management also plays a decisive role. By specifying a future-oriented risk strategy, the Board of Directors establishes the guidelines for dealing with risks. Moreover, the Board continues to develop the already high standards of corporate governance. Compliance with applicable laws and regulations, market norms, supervisory and internal regulations forms an essential base. Group Legal & Compliance advises the business divisions, identifies and analyses compliance risks (see chapter “”).
Additionally, the LLB Group’s Group Operational Risk / ICS Department further expanded the central and standardized operation of the internal control system (ICS) in 2014. As an integral part of our Group-wide risk management it contributes to increasing risk transparency within the company. Its objectives include effective and efficient management, compliance with laws, regulations and contractual obligations as well as with internal rules and regulations, directives and instructions, the prevention, avoidance and disclosure of mistakes and irregularities, the guarantee of effective and efficient processes as well as the assurance of reliable accounting and timely reporting.