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CR Governance

At HQ, the CR team changed its reporting line to report to the Group Chief Corporate and Regulatory Affairs Officer who, in turn, reports to the Chief Executive Officer. The team had access to the top operational committee for issue-by-issue decisions, featuring twice on the agenda in 2015. In December, a progress report on CR was made to the Nominating and Corporate Governance Committee of the Supervisory Board of the Company.

In 2014, we launched our Business Principles, which help communicate our CR agenda to employees and other parties. During the year we have been developing a communication campaign for the Principles that we will roll out during 2016. The Principles augment the existing Code of Conduct, which covers a broad range of compliance issues relating to the personal behavior of employees.

We share CR best practices across the businesses, and discuss emerging issues, through monthly calls and our intranet.

We have not mandated any particular governance approach to CR for the BUs, though all BUs and OpCos have CR officers or small CR teams. Several of our CIS OpCos have formed committees to closely assess and formulate appropriate responses to the significant volume of charity requests they receive. Reporting on CR performance to local Management Committees varies from BU to BU with some updating on projects weekly, to more formal quarterly or annual updates.

Approach to risk management

VEON operates an enterprise risk management approach, with CR-related issues considered as part of the quarterly risk review process. We assess risks regularly, based on their likelihood and the potential severity of the impact on the business, and prioritize and mitigate them based on the risk appetite of the business.

Risk appetite, and our risk management approach, is established by the Group Executive Committee. Certain risk factors affecting our operations are set out in the Form 20-F filed with the US Securities and Exchange Commission.

Each quarter the CEOs of the BUs must complete a compliance sign-off process to confirm they are in compliance with VEON policy and procedure.

CR reporting

A number of our businesses have been producing their own CR reports for some time. Jazz has produced several CR reports since 2008 and Beeline Russia published a comprehensive first CR report in December 2014.

Kyivstar and our Central Asia businesses regularly publish documents covering their charity, volunteering and environmental programs. Banglalink has also taken the first steps in compiling a first report. At this stage, we are not requiring our BUs to reach GRI v4 compliance with their reporting.

Management systems

A number of our BUs have implemented CR-related management systems, the most prominent example being Djezzy in Algeria which has implemented an environmental management system to ISO 14001 standard.

Benchmarking our reporting

We aim to improve the quality of our reporting and we participate in a number of benchmarking opportunities. Our result from the Dutch Government’s Transparency Benchmark is shown in Responsible behavior. In addition, we entered the 2016 Corporate Register Reporting Awards, focusing on the ‘Relevance and Materiality’ category. We ranked 13th out of 29 companies that entered, narrowly missing inclusion amongst the 10 shortlisted companies.


CR Governance

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    Approach to CR
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