Bank of Nova Scotia has signed a United Nations commitment to uphold and protect human rights, labour, environment and anti-corruption standards through business practices, the bank said Wednesday.

With its signing of the UN Global Compact, Scotiabank (TSX:BNS) becomes the first Canadian-based financial institution to adopt the UN standards in its international day-to-day operations, and organizational culture.

“Scotiabank is proud to collaborate with the United Nations to foster development across the globe,” says Rick Waugh, president and CEO. “The tenets of the UN Global Compact are strategies we currently employ throughout our global operations and we are pleased to join the many organizations who believe, as we do, that ethical business operation standards are the only way to encourage global development.”

Under the four categories — human rights, labour, environment and anti-corruption — the UN Global Compact details a set of 10 principles to which organizations voluntarily adhere:

“As a member of the Compact, Scotiabank will share and contribute to best practices on human rights, labor practices and environmental innovations,” says Rob Pitfield, group head and executive vice president, international banking. “Scotiabank continues to develop its social and environmental responsibility programs, and our membership in the UN Global Compact will allow us to collaborate with like-minded organizations.”

As a signatory, Scotiabank will complete an annual Communication on Progress submission, demonstrating its progress in working towards the Compact’s principles.

Scotiabank joins more than 55 Canadian companies in signing the UN Global Compact. For the bank, this commitment complements its overall corporate social responsibility platform. The bank focuses on five key areas where it can make a difference: corporate governance, employees, customers, environment and communities.

IE