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Being a responsible business
Leading by example is one of the most important parts of being a teacher. As a bank, we want to lead by example too – by being a responsible corporate citizen.
We invest profits back into our members, the teaching community, the planet and the people on it.
We put sustainability at the forefront of our business, and integrate it throughout our operations, systems and relationships. We make sure we are accountable, and benchmark ourselves against world leaders in sustainability.
“We believe sustainability is about the whole bank. It is embedded in who we are as a bank, what we do and why we do it”
1. The Ethisphere Institute is a global leader in defining and advancing standards of ethical business. The World’s Most Ethical Companies, awarded by Ethisphere, recognises companies that not only promote ethical business standards and practices internally, but also exceed legal compliance minimums and shape future industry standards by introducing best practices today. See www.ethisphere.com for more details.
2. Awarded by the Asia-Pacific Banking & Finance Magazine, the Best Bank in Socially Responsible Performance Award recognises companies who demonstrate solid performance across three sustainability priority areas: environment, social and governance. See www.australianbankingfinance.com for more details.
3. The London Benchmarking Group (LBG) measurement framework is the internationally recognised standard for measuring and evaluating a corporation’s community investment. See www.lbg-australia.com for more details.
4. Sustainability Leadership, large organisations. Each year, in support of UNEP World Environment Day (June 5), the United Nations Association of Australia (UNAA) recognises innovative and outstanding environmental programs and initiatives from across Australia and the important work of Australian environmental leaders through its World Environment Day Awards. See www.unaavictoria.org.au/awards-programs/world-environment-day-awards for more details.
5. See our Annual Report and Sustainability Update 2014/2015 for more details.
6. See our Annual Report and Sustainability Update 2014/2015 for more details.
* If you are an employee in the Australian education sector, or are a family member of a Teachers Mutual Bank Limited member – you can join Teachers Mutual Bank. Teachers Mutual Bank Limited ABN 30 087 650 459 AFSL/Australian Credit Licence 238981.
^ Through achieving certification, Teachers Mutual Bank is recognised as a certified ethical bank. The Teachers Mutual Bank wholesale debt issuance programme has been certified by RIAA according to the strict disclosure practices required under the Responsible Investment Certification Program. See www.responsibleinvestment.org for more details.
We are honoured to be recognised for our accomplishments.
Certified ethical bank16
2016 World's Most Ethical Companies15
2015 World's Most Ethical Companies15
2014 World's Most Ethical Companies15
A Leader in the Annual Review of the State of CSR in Australia and
New Zealand 2014 and 201517
Climate Friendly Business12
Banksia award finalist 201414
Best Bank in Socially Responsible Performance 2015
Finalist, Best Bank 'Socially Responsible Performance' (ESG)
Best Bank in Socially Responsible Performance 20131
A score of 91% in the 2014 Corporate Responsibility Index2
A score of 90% and Gold status in the 2013 Corporate Responsibility Index2
A score of 79% and Bronze status in the 2012 Corporate Responsibility Index2
2014 Green Globe finalist5
2013 Green Globe finalist5
2014 Board Leadership of the Year award13
LBG 2015 (London Benchmarking Group). Global leader in community investment, 4.73% Net Profit Before Tax (NPBT) invested11
LBG 2014 - Global leader, 4.55% of NPBT11
LBG 2013 - Global leader, 4.1% NPBT11
LBG 2012- Global leader, 4.18% NPBT11
Winner, Sustainability Leadership – Large Organisations.
Finalist, Sustainability Leadership – Large Organisations.
The 2012 Sustainability Award3 by Abacus, the mutual
financial services sector industry body
Workplace Gender Equality Agency Employer of Choice for Gender Equality 2015
Finalist in the 2012 Australian HR awards for ‘Best ‘CSR
Strategy'. Key Media Pty Ltd
Finalist in the 2011 Australian HR awards in the ‘Employee of
Choice’ category. Key Media Pty Ltd
Roy Morgan Bank Of The Year9 2015
Roy Morgan Bank Of The Month9 August 2013
Roy Morgan Bank Of The Month9 September 2013
Money Magazine Best of The Best Awards 2014 – Winner –
Cheapest Credit Card – Bank Category6
Money Magazine Best of The Best Awards 2015 – Winner –
Cheapest Credit Card – Bank Category6
Awarded by Asia-Pacific Banking & Finance Magazine.
This award recognises companies who demonstrate environmental protection, respect for human rights, the continuing improvement of working employment and relations conditions, social commitment, responsibility attitudes with suppliers and customers and transparency and effectiveness of corporate governance.
Business in the Community's CR Index is one of the world's leading voluntary benchmarks of corporate responsibility. It was established in 2002 to inspire and challenge companies to continuously improve their impact on society and the environment and has grown to over 360 participants worldwide.
Abacus is the industry body for the Australian mutual financial services sector, a strong alliance of 120 mutual building societies, credit unions, mutual banks and friendly societies with combined assets of $85 billion. In July 2013 the Customer Owned Banking Association (COBA) brand replaced Abacus Australian Mutuals as the industry advocate for Australia's customer owned banking sector.
Each year, in support of UNEP World Environment Day (June 5), the United Nations Association of Australia (UNAA) recognises innovative and outstanding environmental programs and initiatives from across Australia and the important work of Australian environmental leaders through its World Environment Day Awards.
It is designed to reward those organisations that demonstrate outstanding leadership in adopting practices that position environmental and social performance as priority areas of corporate responsibility and performance, alongside financial results in June 2013.
The NSW Government’s Green Globe Awards are the leading environment awards, recognising environmental excellence, leadership and innovation in NSW. The Business Sustainability Award honours an outstanding NSW business or corporation that has successfully integrated environmental management and sustainable practices into their strategy, planning, operations (including key stakeholders and/or suppliers), products and/or service delivery August 2013.
Money, Australia’s leading personal finance magazine works with leading independent financial research group Canstar, to judge the awards.
This award took into account all credit union and building society basic variable home loans that were currently in the market.
This award took into account all Credit Union and Building Society secured new car loans that were currently in the market.
Roy Morgan Research has over 70 years' experience in collecting objective, independent information on consumers. Their customer satisfaction ratings are collected from Roy Morgan’s Single Source survey of approximately 50,000 Australians annually and Business Single Source survey of 22,000 business decision makers annually - the world’s largest ongoing single source survey.
This CANSTAR member valuation is a measurement of the return provided on the investment that the members share represents. The study was commissioned by Teachers Mutual Bank based on 2012 figures. CANSTAR is an independent financial services research group.
LBG is the internationally recognised standard for measuring and evaluating a corporation’s community investment.
The top tier level of recognition for a business that has undertaken to offset emissions over an entire year is a Climate Friendly™ Business or Organisation.
The Board at Teachers Mutual Bank has embedded environmental sustainability across their business and investment portfolio. In addition to being carbon-neutral, the bank does not invest in any large-scale greenhouse polluting activity or company. Yet they have not sought to adopt a market position around ‘boutique green products’ – every one of their 160,000 customs and $4bn of assets applies this climate lens across their business.
The Banksia Foundation is a national not-for-profit organisation, overseen by a national Board of Management, which promotes environmental excellence and sustainability through its Awards program and other associated initiatives.
The World's Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework. The Ethisphere® Institute is a global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success.
Through achieving certification, Teachers Mutual Bank is recognised as a certified ethical bank. The Teachers Mutual Bank wholesale debt issuance programme has been certified by RIAA according to the strict disclosure practices required under the Responsible Investment Certification Program.
The Australian Centre for Corporate Social Responsibility (ACCSR) is a pioneer in corporate social responsibility in Australia and a leader in stakeholder-based methodologies to address sustainability risk management.
Teachers Mutual Bank’s $500 million Debt Issuance Programme has been certified by the RIAA^ (The Responsible Investment Association of Australasia) on the basis that Teachers Mutual Banks’ Policy is ‘the exclusion of lending to, or investing in, large scale greenhouse gas pollution from fossil fuel exploration, extraction, production and use’.
“The World’s Most Ethical Companies embrace the correlation between ethical business practice and improved company performance."
We believe our employees are our most valuable resource and strive to create an engaged workforce by having fair and equitable policies in place that enhance the working environment.
Our culture is clearly defined by education and we encourage and support our staff to further their education, develop a career path and maintain a healthy work/life balance. We have a strong reputation for caring for staff and attract and retain high quality employees with our flexible work practices, strong leadership programs, generous remuneration and attractive benefits. Our high Staff Satisfaction and Engagement Scores6 of 84% are a reflection of this.
As part of the Federal Government’s Corporate Champions Program, we’ve implemented a Mature Age Worker Program to assist employee’s transition to retirement. Through a combination of in-house seminars and practical advice, the program is designed to assist employees in successfully transitioning to retirement, reducing the stress associated with this life changing decision and ensuring that they are aware of all the options available to them.
Since 1984, the international Development Education Conferences have encouraged and fostered the principles of the co-operative movement. In 2013, two employees proudly represented Teachers Mutual Bank at this annual event in Auckland, New Zealand. Since returning, they’ve been working together to promote the value of the co-operative movement, assisting with volunteer network development and expanding our involvement in the activities of the Credit Union Foundation of Australia (CUFA).
Our Chief Human Resources Officer, Helen O’Reilly, was a finalist in the Australian HR Director of the Year Awards in 2013. Her recognition and success is an indication of the level of care and commitment she has shown to the employees of Teachers Mutual Bank since joining us in 1990.
In 2013, Jazmin from our WA Office and Danielle from Human Resources were each awarded an Emerging Leader Tertiary/Vocational Education Scholarship. This award continues a proud tradition of recognizing talent within the mutual sector. Both received scholarships to undertake further vocational or tertiary study, and to help make mutual banking home to the Nation’s best and brightest.
We’d like to congratulate Deborah from our Credit Department who won the Institute of Financial Services Top Student Award for 2013 for her outstanding results in completing the Certificate IV in Financial Services.
Our staff engagement rating is currently at 87%, and our employee satisfaction rating is 86%.
We pride ourselves on being an employer of choice for women (EOCFW) and have policies and practices in place supporting women across the organization, achieving positive outcomes for both women and the business. We are committed to satisfying the EOCFW criteria that includes;
Our culture is clearly defined by education, and aligned with this our employees are encouraged and supported to further their education, develop a career path and gain new skills. We have at least 10% of employees undertaking tertiary study.
Along with our employee’s safety, we believe in focusing on their broader health and wellbeing. We provide:
Teachers Mutual Bank (TMB) has again been named as a ‘2016 World’s Most Ethical Company’ by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices.
TMB is one of only four banks named on the World’s Most Ethical Companies list, announced in the United States on 7 March 2016. The list has 131 companies from 54 industry sectors in 21 countries.
The main evaluation categories are: Corporate Citizenship and Responsibility; Ethics and Compliance Program; Corporate Governance; Leadership, Innovation and Reputation; and Culture of Ethics.
TMB continually benchmarks itself against industry leaders from around the world. Teachers Mutual Bank reports its performance against 96 targets and KPIs, ensuring that sustainability as a core value is embedded across the business.
The Ethisphere® Institute is the global leader in defining and advancing the standards of ethical business practice.The World's Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient™ (EQ) framework and honors superior achievements in transparency, integrity, ethics and compliance. This year marks the tenth anniversary of Ethisphere and the World’s Most Ethical Companies designation.
We have been recognised by the Ethisphere Institute, as a 2016 World’s Most Ethical Company®. The World's Most Ethical Company assessment is based on the Ethisphere Institute’s Ethics Quotient™ (EQ) framework. The Ethisphere® Institute is a global leader in defining and advancing the standards of ethical business practices that fuel corporate character, marketplace trust and business success. More information is available at http://ethisphere.com.
The Corporate Responsibility Index (CRI) is one of two international frameworks that we use to benchmark our performance.
Teachers Mutual Bank (TMB) has continued to move up the international CSR ladder, scoring 91% in the prestigious annual Corporate Responsibility Index (CRI) published on March 31st in London at the ‘Responsible Business Week’ event. We increased our score to 91%, and improved its comparative performance, despite the CRI criteria being made tougher and more challenging.
"Teachers Mutual Banks’ sustainability credentials have been tested in one of the toughest CSR exams, and our 91% CRI score is a new high. It reflects our ongoing commitment to be a sustainable business leader. Sustainability is integral and integrated in what we do every day” said Steve James, Chief Executive Teachers Mutual Bank.
A significant factor in the score has been the banks’ strong HR, Workplace and Employee Development approach. This includes high staff satisfaction and engagement rates (88%), a culture of education, and being named an Employer of Choice for Women for the fifth year running.
TMB – relatively small by comparison – is ranked against heavyweight international CR Index members that includes Marks and Spencer, the Co-operative Bank, and PWC.
Key TMB results of 2014:
Strategy, integration, management practises and assurance (43%)
Management areas (23%)
Environment and Social Impact areas (33%)
Self-selected Environmental Impact Area: (TEF)
Employee Engagement and Wellbeing
Overall CRI score (%)
The 13 member finance services sector are Barclays PLC, DTZ, Inut Properties, John Laing plc, L&Q Group, Legal and General Group, Lloyds Banking Group, Nationwide Building Society, Resolution and Friends Life, Teachers Mutual Bank, The Crown Estate, VocaLink Ltd, Zurich Insurance.
Developed in the UK, the CR Index is one of the world’s leading and most in-depth voluntary benchmarks of corporate responsibility for business. The CR Index follows a systematic approach to managing, measuring and reporting on responsible business practices. For more on the CR Index visit www.bitc.org.uk.
View our CRI score card 2013
View our CRI score card 2014
Teachers Mutual Bank is a global leader in community investment for the fourth year running, based on the results of the 2015 London Benchmarking Group Australia and New Zealand (ANZ) Annual Review of Community Investment and the LBG International Review 2015.
The LBG is the recognised global standard for measuring and benchmarking corporate community investment.
Teachers Mutual Bank outperforms the LBG ANZ and LBG International average by spending 4.73% of pre-tax profits on community investment – a total of $2m. Teachers Mutual Bank’s community investment of 4.73% is;
The LBG also measures the subject focus area of community investment. Teachers Mutual Bank invests 91% of its community investment into ‘Education and Young People’ compared to 22.5% for the LBG ANZ average and 19% for the LBG ANZ financial services sector.
2015 London Benchmarking Group (LBG) results
Difference of TMB to the Average
$ Contribution as a % of pre-tax profit (NPBT)
$ Contribution per employee
Contribution as % of total revenue
Average contribution per company
7% of total
$ Contribution as a % of pre- tax
% of community investment spent on education and young people
44% of total
Total contribution by the sector
$ Contribution as % of pre-tax profit (NPBT)
Average contribution per finance company
23% of the total
Of the LBG Au&NZ 49 total, 8 (16%) are financial services and insurance sector;
NAB, ANZ, Australian Unity, Medibank, Suncorp Group, Toyota Financial Services, Teachers Mutual Bank, GMHBA
Of the LBG International 220 members, 50 (23%) are financial services. The 220 includes 49 ANZ members
Access Bank, Allianz Group, ANZ, Arab African International Bank, Australian Unity, Aviva, AXA, Banco Santander, Bank of America Merrill Lynch Asia Pacific, Barclays, Bank Inter BBVA, Bloomberg, BRD Groupe Societe Generale, Capital One, Citi, Credit Suisse AG, Deutsche Bank Fundacia bankowa, GE Money Bank, GMHBA, HSBC, ING, International Personal Finance, Intesa San Paolo, Investe, Macquarie,, Medibank, NAB, Nationwide, Novo Banco, Provident Financial, Provident Polska, Prudence Foundation, Prudential, Raiffeisen Bank , RBS, Rothschild, Schroders, St James Place, Standard Chartered, Standard Life, Suncorp, Teachers Mutual Bank,Toyota Finance, UBS, Unicredit, Zurich
LBG information: Note: All data supplied by LBG.
LBG is the global standard for measuring and benchmarking corporate community investment.It takes its name from the London Benchmarking Group; the group of UK-based companies who worked together to develop the model in 1994. The LBG model was introduced to Australia and New Zealand in 2005 and has since grown to around 50 members.
The LBG methodology allows a company to form a reliable and holistic view of its community investment, from what is contributed, what happens and what changes as a result. LBG data makes it easier to inform key stakeholders about your social investment. LBG data integrity is verified through the use of an internationally recognised framework, used by more than 220 of the world's leading companies. The TMB report details your corporate community investment contributions for 2015, benchmarked against companies from your sector and against the Australia & New Zealand member companies who have participated this year. Further comparisons can be made through the self-benchmarking feature of LBGOnline'.
LBG is the global standard for measuring and benchmarking corporate community investment. The LBG model provides a comprehensive and consistent set of measures for corporate community investment professionals to determine their organisation’s contribution to the community, including cash, time and in-kind donations, as well as management costs. LBG data integrity is verified through the use of an internationally recognised framework, used by more than 220 of the world's leading companies. 173 companies participated in the global benchmark, of which 49 were in Australia & New Zealand.
Note: Data is taken from the official LBG report provided to Teachers Mutual Bank, and public data from the 2015 London Benchmarking Group Australia and New Zealand (ANZ) Annual Review of Community Investment and the LBG International Review 2015.