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Mutual awarded gold for CSR against international heavyweights
Teachers Mutual Bank has leapt up the international CSR ladder, jumping from bronze to Gold status in the prestigious annual Corporate Responsibility (CR) Index published today in the Financial Times in London.
Achieving Gold status with a score of (90%), Teachers Mutual Bank significantly increased its rating from its previous bronze status of 79% in 2012.
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. Teachers Mutual Bank – relatively small by comparison—has achieved one of the highest CSR accolades alongside heavyweight international CR Index member competition that includes Barclays Bank, the BBC, Zurich, and Marks and Spencer.
Steve James, CEO of Teachers Mutual Bank, said: “As a small Australian financial institution competitively benchmarked against large global companies, we’re punching well above our weight, not only in the finance sector but against all sectors. Achievement of Gold status shows that we are a responsible business and that, for us, CSR is built-in, not bolted on.”
“As a mutual bank, we believe that profit has a purpose. In the past 12 months, we’ve continued to improve our organisational performance to become a national and international leader in sustainability. We are honoured to receive such a high accolade for our effort. ”
Measures that contributed to the bank’s performance and score include:
“Sustainability is a core business value at Teachers Mutual Bank. We believe success is not only measured in terms of profit and growth, but also by how we engage with and support our members, our communities, our employees, and how we minimise our impact on the environment,” he said.
Teachers Mutual Bank received a perfect score of 100% for Corporate Strategy, which “rewards companies for placing Corporate Responsibility values at the core of their business strategy” and that “companies must be able to demonstrate leadership and commitment at the highest level”.
The bank received a perfect score in 72% of its answers, and in the 15 main categories, more than half of its scores were higher than the entire 107 Member CR Index. Scoring exceptionally highly in the area of community and environmental issues, Teachers Mutual Bank outperformed both sector benchmark averages for initiatives such as the Teachers Environment Fund and community management and community investment.
The bank was also recently named a global leader for spending 4.18% of pre-tax profits on community investment, according to the London Benchmarking Group’s (LBG) 2012 community investment Index.
“We will continue to strive to run a responsible and profitable business, one that cares and gives back to our communities, and manages our impact on people and the planet,” Mr James said.
Gillian Tatt, PR and Corporate Affairs Specialist, Teachers Mutual Bank on 0448 259 942 or 02 9735 9825
Abby Hempfling, Consultant, Cox Inall Communications, on 0450 769 337 or 02 8204 3877
About Teachers Mutual Bank
Teachers Mutual Bank, the former Teachers Credit Union, launched on 2 April 2012. Previously the third largest credit union in Australia, they were the largest credit union to become a mutual bank. With over 155,000 members, it currently has $4 billion in assets.
Teachers Mutual Bank’s award winning corporate responsibility practices was recognised nationally and abroad in the past year. This includes being recognised by the London Benchmarking Group’s 2012 community investment index.
For more information about Teachers Mutual Bank visit www.tmbank.com.au
About the CR Index
Business in the Community's CR Index is one of the world’s leading voluntary benchmarks of corporate responsibility. For over a decade the CR Index has inspired and challenged over 360 companies to continuously improve their impact on society and the environment. The CR Index scores participating companies against the following areas of responsible business, Corporate Strategy, Community Management, Environmental Management, Marketplace Management, Workplace management. Environmental Impact and Social Impact. This year over 100 companies participated publicly.
For more on the CR Index http://www.bitc.org.uk/