Fund distribution network Allfunds has joined the United Nations Global Compact, the world’s largest corporate sustainability initiative, in an effort to strengthen its commitment to corporate social responsibility.

By joining the global compact, Allfunds says it commits to aligning its operations with ten universally accepted principles in the areas of human rights, labour standards, environment and anti-corruption. It also pledges to take action in support of the UN Sustainable Development Goals.

The Madrid-based company has been producing a corporate social responsibility report in accordance with the Global Reporting Initiative standard since 2017, seeking to become a CSR reference in the sector.

Says CEO and founder Juan Alcaraz: “Allfunds has a strong commitment to improving the local communities in which it operates. Since our founding 20 years ago, we seek to strike the right balance between economic, social and environmental aspects to achieve business sustainability.”

In 2015, Allfunds launched the Allfunds Solidarity Fund to carry out social work through donations during campaigns and events it organizes. In May, it raised more than 265,000 euros (US$307,600) to feed more than 600 Spanish families and help provide adequate nutrition for more than 12,000 poor children in Italy.

As part of its efforts to fight climate change, the company continues to digitize its processes with the aim of making sustainable and controlled use of resources.

Allfunds has more than 620 billion euros in assets under administration and offers 90,000 funds from 1,765 fund houses.