Co-op takes tougher line on ethical banking
Wednesday 08 April 1998
Organisations such as Body Shop, Traidcraft, the ethical trading company and, in the US, Ben & Jerry's Ice Cream, have led the way with social audits, while BT, ICI and BP have begun to produce environmental reports and GrandMet, now part of Diageo, has benchmarked its community involvement. But the bank says its report, to be issued alongside its annual results next week, goes further in demonstrating how success in delivering value is dependent on the relationships between an organisation and its staff, customers, suppliers and other partners.
This partnership approach, launched last year, is seen as a natural progression from such moves as the development of an ethical policy and an ecological mission statement introduced earlier this decade.
Pointing out the impossibility of satisfying all of these groups at once, the bank's managers have devised an approach based on having the bank at the centre of seven partners - shareholders (in this case just one, the Co-operative Wholesale Society), customers, staff and their families, suppliers, local communities, national and international society, and past and future generations of "co-operators".
The challenge, said Simon Williams, head of corporate affairs, was to achieve a balance between all these groups. It was important not to see looking at the wider issues as an alternative to focusing on the financial aspects of running a business, he added. "It's a way of making a profit. It's not philanthropy or do-goodism - it's hard business."
Nevertheless, the bank claims the environmental aspects of the report have been assessed far more rigorously than those of many other companies because they have been subjected to the standards of a Swedish body called The Natural Step.
The bank claims it is taking the partnership issues - ranging from treatment of staff to encouraging its suppliers to adopt the highest environment standards - so seriously that it is locked in a dispute with PVC manufacturers over its campaign to reduce the use of the material in credit and other cards. Last May, it launched a card made from plant-based rather than oil-derived plastic.
And, besides winning approving comments from the verifiers - Business in the Community, the Centre for Tomorrow's Company and social audit consultants ethics etc - the report has been praised by Jonathon Porritt of Forum for the Future, which campaigns for sustainable development.
- 1 'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
- 2 Number of global billionaires has doubled since the financial crisis
- 3 Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
- 4 Of course, teenage girls need role models – but not like beauty vlogger Zoella
- 5 North Korean officials 'publicly executed for watching South Korean soap operas'
'Nasa Confirms Six Days of Darkness in December': No, they don't - it's a hoax
Canadian actor punched in face after 'Islamophobia' experiment goes wrong in wake of Ottawa shooting
Number of global billionaires has doubled since the financial crisis
Elizabeth Norment dead: House of Cards actress honoured by Kevin Spacey after she dies aged 61
Kentucky gang rape: 15-year-old boy left in critical condition after sexual attack by group at party
Pope Francis declares evolution and Big Bang theory are real and God is not 'a magician with a magic wand'
Huge surge in Ukip support after EU funding row, according to new poll
Ukip ‘exploiting grooming scandal’ to secure party’s first police chief
Nigel Farage: 'There’s nothing wrong with white people blacking up'
Muslims, immigration and teenage pregnancy: British people are ignorant about almost everything
Nigel Farage and Frankie Boyle clash over Andrew Lawrence's 'Mock the Week' criticism
iJobs Money & Business
£20000 - £23250 Per Annum pro rata: Clearwater People Solutions Ltd: Pro rata ...
£40 - 48k + Benefits: Guru Careers: We are seeking a Marketing Manager to join...
£45,000 - £65,000: Saxton Leigh: Our client is a well-known APAC Corporate and...
£60000 per annum: Ashdown Group: Compensation and Benefits Manager - Compensat...