The AECB uses the Co-op Bank and chose this bank because of its ethical policy. We know many of our members do too so we thought the membership would be interested to know what is happening to this area of its business since the hedge funders took over the majority share.
Extract taken from the Co-operative Bank website
“The Co-operative Bank is built on co-operative values and ethics that set us apart. Like our customers, it’s our belief that the ethical decisions we make will not only help create positive change in our communities, but the wider world too.
Our values and ethics have always been more than words on paper. They underpin how we run our business, distinguish us in the market place and run through everything we do. Since 1992 our Ethical Policy has reflected the views of our customers and it has been shaped around them ever since. Over 74,000 customers have been part of developing our new Ethical Policy and their views have formed the basis of our new policy. What our customers tell us in 2014 is they continue to care about the major issues being debated in the world today. But they also want our Policy to address some issues closer to home.
We will strive to be ethical in everything we do. Our Ethical Policy ensures that the businesses and organisations to which we provide banking services are in tune with the values and ethics we share with our customers. But lending is just one dimension of what we do. We are therefore extending our Ethical Policy to cover more than just lending.
Our Ethical Policy is built on the following five pillars:
- Ethical banking We do not provide banking services to businesses and organisations that conflict with our Ethical Policy.
- Ethical products and services We seek to offer products and services that reflect our values and ethics.
- Ethical business We endeavour to behave ethically in how we run our business, including our relationships with suppliers and external organisations.
- Ethical workplace and culture Our workplace culture reflects co-operative values and ethics.
- Ethical campaigning We campaign for social and economic change in line with our values and ethics. “