Communication On Progress Report 2012. 2 Statement of support...

Communication On Progress Report 2012

2

Statement of support ………………………………………………………….... 3

Business Approach …..……………………………………………………….... 4

Corporate Philosophy …………………………………………………………… 5

Mission Statement …................................................................................... 5

Quality Policy ………………………………………………………………………. 5

Vision Statement …………………………………………………………………... 5

Quality management of products and services ……………………………… 5

Human rights ……………………………………………………………………... 6

Labour ………………………………………………………………………………. 7

Environment ................................................................................................... 8

Anti-Corruption…………………………………………………………………….. 9

Content

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Statement of support

Pasha Insurance OJSC recognises the importance of the United Nations Global Compact and is firmly committed to its principles. As we joined the Global Compact initiative in 2009, it is our pleasure to present the first Communication on Progress Report prepared according to the UN Global Compact guidelines, which covers our activities for a period of 2006-2012 on a daily basis work to advance the ten UN Global Compact Principles in the areas of human rights, labour, environment and anti-corruption. In partial, our services of risk insurance on a sphere of commercial liability insurance, employers liability insurance, medical insurance, ecological insurance, construction insurance etc. are directly concerned with a realisation of the principles above.

Members of our Management Board are responsible for the social, economic and environmental sustainability of activities under their charge and also our Supervisory Board receives regular updates on sustainability issues.

The main guideline in the work of Pasha Insurance is professionalism, which means professional products, professional services and professional business. We clearly understand that professionalism in the company’s operation is achieved by company employees. It is the quality of their daily work that reflects on the overall rating of the company in the market and its financial indications. Our employees are professionals representing the insurance market of the country and will face the task of fulfilling the important mission of developing Pasha Insurance. Therefore, we strive to make every employee feel as comfortable as possible at work.

To this end, the company developed the Employee Handbook, which unites all of the main general corporate rules of the company in the sphere of dealing with personnel, which became a worthy guide in supporting career development at the Pasha Insurance and commitment to the UN Global Compact principles.

Pasha Insurance’s policy in dealing with staff is based on the full involvement of every employee in both business processes and corporate life. Through this policy we can count on the success and competence of the employees of Pasha Insurance. Certainly, this policy implies also the arrangement of the appropriate working conditions and respective remuneration of our employees.

Working in the Pasha Insurance not only means everyday participation in business processes and communication with clients for the promotion of business, but also periodic training and learning, celebrations, sports competitions and other corporate events, in which every employee takes an active part.

We will endeavour to ensure the integration of the Principles of the UN Global Compact in all aspects of our operations. We believe that joining this initiative has given us an added incentive to continue our development in socially responsible business and in the coming period we will invest additional effort in promoting the Global Compact Principles through our operations.

Nofal RzayevChief Executive Officer

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Business Approach

Pasha Insurance was founded on March 3, 2006 in accordance with the legislation of the Azerbaijan Republic. Pasha Insurance is an open joint stock company with the authorized capital stock of 30 mln AZN and as a member of the group of Pasha Holding serves its corporate and individual clients under 31 types of insurance.

The company started its business as a universal insurance company operating in 31 kinds of mandatory and voluntary insurance with both corporate and individual customers. For better organization, the company launched a process of implementing an institutional development program.

In the process of building the company, focusing on the satisfaction of corporate and individual clients was taken as the basis of corporate ideology of Pasha Insurance. This has been achieved thanks to the professionalism of both operational business processes and their performers.

In a competitive business environment, factors of professionalism in the business process and the qualities of the management team are instrumental for success, and for a professional insurance agency these factors are crucial.

In this sense it is worthwhile to note that all business processes in Pasha Insurance are built on the basis of the best Western insurance practices with inherent consideration of the specifics of the national market. In addition to this, business processes develop in accordance with international management standards.

We can mention that the management team, which includes general director and director of functional sectors in Pasha Insurance, has great experience in organizing and running operations in renowned international and national business structures.

All of these indications are a serious backlog for achieving the required quality level of insurance products and achieving high-level professionalism in the services of Pasha Insurance.

Developed on the base of multi-provision service model, Corporate Medical Insurance Program of Pasha Insurance implements 24-hour support of clients’ appeals related to medical insurance and controls the quality of medical assistance provided for the clients at the largest medical institutions and network of pharmacies of the country.

Since 2007, Pasha Insurance has successfully passed the ISO 9001:2000 Quality Management System Certification process by British Agency of Moody International Certification Services. Since 2009, Pasha Insurance has been participating in the UN Global Compact Initiative in the areas of human rights, environment and anti-corruption. In July 2010 Pasha Insurance recertified by the same British Agency and got the ISO 9001:2008 Quality Management System Certification.

170, Tolstoy str., Pasha Center, Baku AZ 1000, Azerbaijan Tel: (994 12) 596 18 03 Fax: (994 12) 596 18 07 E-mail: [email protected]

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Corporate Philosophy

Management of Pasha Insurance developed main strategic features of the organization in the form of corporate mission, policy with regard to quality and vision of future. Careful familiarization with these features will help you to better understand business objectives of Pasha Insurance for today and tomorrow.

Mission Statement

Being a reliable and stable insurance company Pasha Insurance provides the most productive and efficient solutions for the corporate and individual clients' insurance needs, doing this through satisfaction of clients, suppliers, agents, employees, and shareholders.

Quality Policy

Pasha Insurance defines its quality priorities as reaching the highest level of service and support to the clients through properly locating the needs of the clients, offering them with the most reliable and affordable insurance products, and providing the first class customer service assuring its continuous improvement.

Vision Statement

Offering today’s market with competitive insurance solutions supported by high quality service and professionalism, Pasha Insurance’s team looks forward to building a world class insurance company supplying the market with the best service solutions based on an international practice and localized for the clients’ needs.

Quality management of products and services

Our company works in compliance with the Quality Management System built on the basis of ISO 9001:2008 requirements. Such approach to work ensures the quality of our insurance products and services and their compliance to customers’ needs.

The full package of documents describing the company quality policy, operational procedures, and job descriptions was worked out within the process of ISO 9001:2008 implementation in the company. Compliance of our daily operations with the ISO 9001:2008 standard requirements is regularly checked by the internal and external audits and non-conformities identified are immediately removed.

Conformity of the company activity to the requirements of ISO 9001:2008 guarantees the proper level of the services offered to clients.


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Below in the text, we introduce an overview of our actions and future goals in respect to the following Global Compact Principles:

PRINCIPLE 1 BUSINESS SHOULD SUPPORT AND RESPECT THE PROTECTION OF INTERNATIONALLY PROCLAIMED HUMAN RIGHTS

PRINCIPLE 2 BUSINESS SHOULD ENSURE THAT THEY ARE NOT COMPLICIT IN HUMAN RIGHT ABUSES

PRINCIPLE 3 BUSINESS SHOULD UPHOLD FREEDOM OF ASSOCIATION AND THE EFFECTIVE RECOGNITION OF THE RIGHT TO COLLECTIVE BARGAINING

PRINCIPLE 4 BUSINESS SHOULD SUPPORT THE ELIMINATION OF ALL FORMS OF FORCED AND COMPULSORY LABOUR

PRINCIPLE 5 BUSINESS SHOULD SUPPORT THE EFFECTIVE ABOLITION OF CHILD LABOUR

PRINCIPLE 6 BUSINESS SHOULD SUPPORT THE ELIMINATION OF DISCRIMINATION IN RESPECT OF EMPLOYMENT AND OCCUPATION

PRINCIPLE 7 BUSINESS SHOULD SUPPORT A PRECAUTIONARY APPROACH TO ENVIRONMENTAL CHALLENGES

PRINCIPLE 8 BUSINESS SHOULD UNDERTAKE INITIATIVES TO PROMOTE GREATER ENVIRONMENTAL RESPONSIBILITY

PRINCIPLE 9 BUSINESS SHOULD ENCOURAGE THE DEVELOPMENT AND DIFFUSION OF ENVIRONMENTALLY FRIENDLY TECHNOLOGIES

PRINCIPLE 10 BUSINESS SHOULD WORK AGAINST CORRUPTION IN ALL ITS FORMS, INCLUDING EXTORTION AND BRIBERY

Human rights

Pasha Insurance recognizes the principles declared by international conventions and has adopted the protection and maintenance of human rights as established by the Universal Declaration of 1948.

We commit to all requirements of the Law of Azerbaijan Republic and International Law standards regards human and labour rights and support them in all our operations. There have never been any actions or documents breaching or discriminating our employees’, suppliers’, stakeholders’ or other persons’ rights. Our Code of Conduct for Employees includes declaration to behave ethically as well as to not discriminate on grounds of sex, caste, creed or religion. Additionally, we continuously improve the quality of our working conditions, education and satisfaction of our employees.

Future goals:

We will review our Code of Conduct for Employees to extend its content to adequate human rights.Also we will consider other documents that can be regulated in workshop to protect human rights.


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Labour

Our Code of Conduct is based on high objectivity and entire transparency. All candidates go through the same employment procedures during their evaluation: completion of application form, interviewing, hiring and promotion. The selection procedure enables equal opportunities for all candidates. All personal data of candidates are filed, protected and confidential.

As an insurance company we take care of our employees and provide them with medical insurance that covers medical expenses related to hospitalization and work incapacity. Moreover, we pay contributions to a pension fund supplementary to the national system.

In order to sustain the health of our employees and clients non-smoking policy is approved by the management. Creating a pleasant working environment is key to Pasha Insurance. All employees are able to work in the best possible conditions.” We implement physical and technical security, fire safety and other measures that ensure the protection of our clients and employees, their assets and valuables. All security and safety measures are completely compliant to the legal regulations.

We encourage many employees, either as part of a team or individually, to participate in a sports events organised by the company. Also as a protection of personal integrity we have set up a specific procedure to protect employees against violence and sexual harassment at work. We included the complaint procedure in our labour regulations.


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In order to create a good working atmosphere, we uphold a tradition of organising social events on a regular basis such as company parties, team-building activities and cultural events.

Continuous learning opportunities are an important motivator and a condition for job satisfaction. We attach great importance to the professional and personal development of our employees. Each new employee completes a training schedule aimed at acquiring the knowledge and skills required in several fields (commercial, technical, administration, communication). Employees with new responsibilities or in need of developing additional skills receive appropriate internal or external training. All types of training are registered, monitored and evaluated.

Our company guarantee equal opportunities in selection of suppliers, taking into account their compatibility with the size and needs of insurance. We undertake to make sure that the contracts signed with our suppliers are based on fairness, especially regarding terms of payment and administrative compliance.

Future goals:

As a company undertaken the UN Global Compact’s principles and having continuing progress in operations we will continue to promote company management and increase transparency in employee relations through internal communication channels in the future period. Also, our aim is to adopt policies and suggest conditions that will lead into a highest working environment for all employees.

Environment

We follow the scrupulous expenditure of the resources that is necessary for affecting our business and actively improving the energy efficiency of our activities.

In all stage of the work of Pasha Insurance’s premises we utilize systems and equipment with low level power consumption and high level energy use. In accordance with the environmental protection and waste control regulations, our company make sure the disposal of dangerous and environmental endangering waste in servicing cooling and air conditioning systems, toners, neon light tubes, dangerous chemicals. All air condition systems in the office use ecological gas and the power of all systems is reduced by using inverter technology. During the training of employees in fire protection and safety at work one of the topics is environmental protection.

170, Tolstoy str., Pasha Center, Baku AZ 1000, Azerbaijan Tel: (994 12) 596 18 03/04/05/06 Fax: (994 12) 596 18 07 E-mail: [email protected]

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Future goals:

We will regularly continue to develop responsible use of environmental resources, especially efficient use of energy and paper and proper waste management. Also, we will increase training and information on environmental issues for our employees to provoke their knowledge.

Anti-Corruption

Pasha Insurance is entrusted not to practice corruption, collusion and any other form of bribery at all. Our Company controls the best principles in the field of corporate governance implemented in accordance with the principles of good insurance practice which forbids all employees at all levels to receive gifts, money or compensations from customers or colleagues who have business relationships with the Company.

The principles of corporate governance are implemented through the internal regulations of the Board of Directors, the Revision Committee and the Executive Committee of Pasha Insurance. Also we have appointed the Internal Audit Officer and provide her with the information regarding prevailing regulations and their implementation monitoring. There is also a Responsible Person for the Financial Monitoring Service under the Central Bank of Republic of Azerbaijan who controls and reports them on the suspicious operations to fight against criminal money laundering and terrorism financing. Additional information can be found though the link: http://fiu.az/en

The effectiveness of the compliance with the Code of Conduct and Fraud Fighting Policy is monitored systematically and it is achieved by arrangement of training or programs for employees to help them understand the standards of compliance, ethics and transparency.

Future goals:

As Pasha Insurance does not tolerate any form of corruption or bribery, we progressively strive to pass on our corporate values to all employees by training, induction and to take measures of control in relation to money laundering transactions. Future actions will be taken to improve and extend procedures. Additionally, MIS system needs improving for defending from money laundering.

Our Address:

Pasha Insurance Pasha Center, 170 L.Tolstoy streetBaku, AZ1000, Azerbaijan

Tel: (99412) 598 18 03Fax: (99412) 598 18 07

Insurance Consultancy Line:

(050/055) 263 88 08

E-mail: [email protected]

Communication On Progress Report 2012. 2 Statement of support...

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