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Teachers Credit Union punches above its weight - Corporate Responsibility Award
Teachers Credit Union has achieved bronze status in the international Corporate Responsibility Index, published in the list of 110 winners in the London Financial Times.
The Corporate Responsibility (CR) Index is a leading business benchmark. The CR Index provides a systematic approach to managing, measuring and reporting on responsible business practice. Companies are assessed on Corporate Strategy, Integration, Management, Performance and Impact.
“To be awarded bronze status in the CR Index as a relatively small financial institution, means that we’re punching above our weight internationally on sustainability,” said Steve James, CEO of Teachers Credit Union.
“At Teachers Credit Union, sustainability is a built-in, not a bolt-on. We believe that integrating our financial performance with non-financial criteria enhances value to our members and our stakeholders.”
“Teachers Credit Union has over 50 targets and KPIs on sustainability. One of those targets, which we are achieving, is to spend 3% of net profit after tax on corporate responsibility initiatives,” said Steve James.
“As a major mutual, profits and growth are important, but we don’t pay dividends to external shareholders. How we engage with and support the community, our members and employees, and how we minimise our impact on the environment, are for us measures of business success.”
Teachers Credit Union achieved a score of 79% in the CR Index, which is at the top of the bronze band. All companies were scored across 15 main categories, and in a remarkable achievement, Teachers Credit Union outperformed the sector average of all 110 CR Index companies in four categories. These included Community Management, Workplace Management, Environmental Impact and Employee Development. In the latter category, Teachers Credit Union achieved 99%, versus the CR Index average of 91%.
As an example of workplace management best practice, in 2012 Teachers Credit Union’s staff satisfaction rating was 86%, with a staff engagement rating of 85%.
And just announced, the Equal Opportunity for Women in the Workplace Agency in Australia has again recognised Teachers Credit Union as an Employer of Choice for Women in 2012, a status the credit union has sustained for the last 5 years.
“We won’t be resting on our laurels—our target is continuous improvement of our sustainability efforts to reach Silver status in the CR Index next year,” Steve James said.
Teachers Credit Union is the third largest credit union in Australia, with assets of over $3.5 billion and more than 155,000 members.