® Veyseloglu sets new benchmark in Azerbaijan’s FMCG sector with its first UN Global Compact Progress Report
In its first year as a participant of the United Nations Global Compact (UN Global Compact), Veyseloglu has prepared and submitted its annual Communication on Progress (CoP) report to the UN Global Compact. With this submission, Veyseloglu becomes the first company in Azerbaijan’s FMCG sector to prepare and submit a CoP report documenting its progress in implementing the principles of the UN Global Compact.
The CoP report reflects Veyseloglu’s approach to participation in the UN Global Compact as an integral component of its long-term business strategy and corporate governance framework, while demonstrating the systematic integration of its principles into the Group’s operations.
As part of the report preparation process, Veyseloglu conducted a comprehensive assessment of its existing policies, processes, and procedures across key areas, including human rights, labor relations, environmental protection, and responsible governance. The process also involved evaluating initiatives undertaken and results achieved, documenting ESG (Environmental, Social and Governance) practices and success stories, and defining priority areas for further development over the next two years.
Beyond providing an assessment of Veyseloglu’s current sustainability performance, the CoP report serves as a diagnostic and forward-looking management tool, helping identify specific areas for improvement and establish priorities for future action.
Commenting on the preparation of the report, the Group stated:
“When we laid the foundations of Veyseloglu 32 years ago, ESG was not yet as prominent on the business agenda as it is today. Nevertheless, we have always considered the principles underlying ESG to be an integral part of the way we conduct our business. Environmental protection, responsibility towards our people and society, sound labor relations, and sustainable development have always been fundamental to our approach.
For us, building a business has never been solely about financial performance or rapid growth. Our focus has always been to create long-term value, achieving sustainable growth, and continuously learning from and applying leading international practices across our operations. Today, sharing our experience with members of the UN Global Compact represents an important milestone for the Group. The preparation of our CoP report demonstrates that our approach to sustainable development is not simple a statement of intent, but is reflected in concrete processes, measurable results, and clearly defined priorities for the future.”
Samir Mammadov, UN Global Compact Country Manager for Azerbaijan, also welcomed Veyseloglu’s preparation of its first CoP report:
“For me, Veyseloglu’s preparation of its CoP report during its first year of participation in the UN Global Compact represents more than fulfilling a reporting requirement. It is an important indication that the company regards sustainable development as an integral part of its business strategy. In particular, the involvement of a professional working group in the process, the systematization of data, the analysis of existing processes and procedures, the assessment of results, and the identification of specific areas for further development are highly commendable.
The significance of this initiative is particularly notable in the context of a large business ecosystem such as Veyseloglu, which holds a leading position in Azerbaijan’s retail and consumer market. The Group’s efforts in this area extend beyond its own operations. The further integration of sustainability principles across the companies within the Group and, in the longer term, throughout its value chain could contribute more broadly to the development of a corporate sustainability culture in Azerbaijan. I hope this approach will also provide a strong foundation for Veyseloglu’s companies to engage more actively in the UN Global Compact’s activities and for joint sustainability initiatives to expand in the future.
Aligning corporate sustainability with Azerbaijan’s national development priorities -including the transition to a green economy, efficient resource use, decent work, inclusive development, and climate objectives - further enhances the strategic importance of these efforts for both business and the country as a whole.”
Veyseloglu joined the UN Global Compact in 2025, and the submission of its first CoP report marks an important step in integrating ESG principles into its business operations and long-term development agenda.
Veyselogu recognizes that, in today’s business environment, corporate performance can no longer be assessed solely through financial indicators. Non-financial performance, environmental and social impact, the quality of corporate governance, and the strength of stakeholder relationships are becoming increasingly important to investors, financial institutions, business partners, employees, and other stakeholders.
In this context, non-financial reporting has become an important strategic tool that complements financial performance reporting. Greater transparency, the measurement of social and environmental impact, and the disclosure of progress in sustainable development contribute significantly to strengthening stakeholder trust, corporate credibility, and reputation.
Other news in this section
