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PADICO HOLDING Joins the United Nations Global Compact in a move to further its Corporate Citizenship

2010-10-10

Palestine Development & Investment Ltd. (PADICO HOLDING) announced that it has become a signatory and a member to the UN Global Compact. By joining the world’s leading voluntary corporate responsibility initiative, PADICO HOLDING is joining over 8,000 business and non-business participants from 135 countries in an effort to create more responsible business practices, and cross sector partnerships in order to help foster a more inclusive and stable business environment while helping to achieve more prosperity for society as well.

Mr. Munib Masri, Chairman of PADICO HOLDING said on this occasion; “We are happy to be the first company in Palestine to usher in a global commitment to best business practice and strict adherence to global corporate citizenship. We at PADICO HOLDING share the same value system with the principles of the UN Global Compact as far as our practices are concerned in preserving Human Rights, Labor Rights, Environment, and ethical business practice. We pride ourselves in having gone a step further than moral commitment by actually signing to this global compact engaging with the network of companies that are already signatories, and placing commitments on ourselves and our subsidiaries to adhere to even stricter principles in our management, governance, business practice and above all our stakeholder engagement. We will announce these commitments in public and report on our progress in public in compliance with the international standards and verification system of the UN.”

“Our leadership in this field will also translate into practical steps to help urge other companies and entities in Palestine to make a similar commitment to ours in order to create more responsible business entities to help collectively create a better, and more ethical and inclusive business environment,” added Mr. Masri.

“Although we are a recent signatory to the UN Global Compact,” said Samir Hulileh, CEO of PADICO HOLDING, “however; our corporate practices were in line with the ten principles of the compact. At PADICO HOLDING, we had adopted a local code of conduct; we instated a dialogue program with our partners and stakeholders in creating ideas for developing our country and our market. We also initiated several programs in philanthropy in support of education and poverty alleviation in addition to several social investments in the environment and natural resources. Today we are happy to have made a more solid and public commitment to build on our existing business practice in accordance with a highly respected Global Compact. We realize that we are adding more pressure on ourselves to be better and faster, this is a challenge we welcome and we are eager to accomplish. At PADICO HOLDING we always strive to be ahead and do it better for the sake of our internal and external stakeholders and always in Partnership with Public and Private Sectors,” concluded Mr. Hulileh.