CIC Group on Thursday subscribed to the United Nations Global Compact (UNGC) affirming its commitment to adopting ethical and responsible business practices in its day-to-day operations, and organizational culture.
By joining this network, CIC joins other global leaders in actively contributing to the achievement of the United Nations Sustainable Development Goals (SDGs).
Speaking during the official signing ceremony, CIC Group Chief Executive Officer, Patrick Nyaga, said that CIC would leverage its subscription in reviewing its operations in Kenya, Uganda, South Sudan, and Malawi to address pressing global challenges and work towards a more sustainable and inclusive future.
“Sustainability is central to CIC’s efforts in building a more confident future for all our stakeholders. By joining the UN Global Compact, we are committing to prioritising and safeguarding human rights, labour standards, environmental protection, and anti-corruption efforts in our business practices. This will serve as a global platform to showcase our sustainability ambitions to our stakeholders, including local and international clients and investors,” said Nyaga.
On her part, UN Global Compact Network Kenya Executive Director Judy Njino lauded the initiative saying:
“We are delighted to officially welcome CIC into the UN Global Compact. By joining the United Nations Global Compact, CIC demonstrates its steadfast commitment to embedding sustainability into its core business practices and decision-making processes.”
CIC will also take significant steps to implement sustainable practices across its operations, including reducing the company's carbon footprint and promoting energy efficiency and strengthening transparency and anti-corruption measures throughout its business dealings.
Other practices are integrating sustainability criteria into investment and underwriting decisions, supporting community development initiatives and philanthropic projects and fostering diversity, inclusion, and fair labour practices within its workforce and supply chain.
As a signatory, CIC will also be required to submit an annual Communication on Progress (CoP) report demonstrating to its stakeholder its progress in working towards the Ten Principles of the UN Global Compact.
“We support public accountability and transparency in our operations, and therefore we commit to report on progress within one year of joining the UN Global Compact, and annually thereafter according to the Global Compact CoP policy,” Nyaga added.
Earlier this year, CIC signed the Nairobi Declaration on Sustainable Insurance giving the underwriter the opportunity to cultivate purpose-driven collaborations with like-minded organisations in accelerating its efforts to tackle sustainability challenges ranging from climate change and ecosystem degradation to poverty and social inequality.
