About this report

The objective of this Annual Report is to present those interested in the BNDES with the highlights of its performance in 2011, encompassing and integrating the economic, social and environmental dimensions. The reported period extends from January to December of 2011 and includes the BNDES’ operations and those of its subsidiaries, BNDES Participations S.A. (BNDESPAR) and the Special Financing Agency (FINAME). Operations carried out in the representation office in Uruguay and in the London subsidiary (BNDES Limited) are also part of this publication.

The BNDES understands that fostering sustainability and its social and environmental responsibility are inherent to its role as a financial institution and a public foment organization, and these concepts are expressed in its Mission, Vision, Values and Code of Ethics. The Bank has a set of policies, procedures, financing lines and instruments that guide its operations, considering development within an integrated concept, which includes the economic, social and environmental dimension. The analysis and approval of operations take these dimensions into consideration.

All chapters in this report – which include financial and operational, strategic, governance, transparency, risk management, cultural support and people management aspects – emphasize the effective benefits generated by the BNDES’ performance for the country and Brazilian citizens.

In this report, the BNDES for the first time is using indicators that help gauge its level of alignment with sustainability in a systemized manner. An option was made to mix the Global Reporting Initiative (GRI) indicators with the BNDES’ indicators (for example, Green Economy). Thus, the report intends to be an instrument that allows its user to verify the BNDES’ commitment to sustainability, as well as to facilitate internal dissemination of the sustainable management process.

The guidelines of the Social and Environmental Responsibility Policy along with the commitments taken on in the Socio-environmental Responsibility Letter of Intent (New Green Protocol) have also guided the selection of content for this report. From an institutional and practical point of view, efforts have been made to show the progress of actions developed in 2011 for socially and environmentally responsible operations regarding: contributions to public policies; development and improvement of financial products, processes, methodologies and instruments; inducement of better practices; willingness to share responsibilities with transparency and dialog; improvement of knowledge and dissemination of a sustainability culture; development of partnerships with other organizations; adoption of employee-valuing policies; and the establishment of the most modern sustainability requirements within its facilities and administrative activities. The main efforts and specific results will be presented within the institutional initiatives in supported projects and in the indicators.

Aiming at facilitating access for interested parties, a hotsite was created for the report, which can be accessed at the BNDES website, where the Financial Statements of the BNDES and its subsidiaries, FINAME and BNDESPAR, also are available in their entirety.


As a result of rounding-up, the total sum of the numbers in the tables may not be exact. Likewise, the percentages in the charts may not total 100% exactly.