Commerzbank responds to: Global Witness report & Financial Times article raise concerns that loan to Angola's state oil company Sonangol will perpetuate corruption & poverty.
As the second largest bank in Germany, and with nearly 15 million clients, Commerzbank has an obligation to act responsibly, in both economic and socio-political terms, in the areas where it has an influence. It respects the rights and expectations of its various stakeholders and of society at large and ensures they are factored into company decisions.
In the light of this responsibility, the Bank has signed up to the ten principles of the UN Global Compact in 2006. Since then we fulfill the requirements of a Communication on Progress (COP) regarding implementation of the ten principles, which include environmental as well as corruption criteria.