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Teachers Mutual Bank is global leader in community investment
One of Australia’s smaller banks has been recognised as a global leader in community investment for the second year running, following announcement of the London Benchmarking Group’s (LBG’s) Australia & New Zealand 2013 Index released today.
Teachers Mutual Bank’s investment in community outperformed both LBG Australia & New Zealand and LBG Global benchmarks. The LBG is the internationally recognised standard for measuring and evaluating a corporation’s community investment.
The mutual bank’s total community investment of 4.1% of pre-tax profits was seven times higher than the LBG Australia & New Zealand average and 12 times higher than the finance services sector average.
Teachers Mutual Bank's community investment is also 2.4 times the Global LBG average.
“Community investment is a fundamental business philosophy at Teachers Mutual Bank. We’re leading the way not just in Australia but globally, by investing to make a difference in our communities.” said Steve James, CEO of Teachers Mutual Bank.
The 43 Australian and New Zealand companies reporting under the LBG Index include Coles, Kmart, Qantas and Optus. The Australian & New Zealand financial sector companies reporting under LBG include ANZ, NAB, Bank of New Zealand, Australian Unity, Medibank, Wesfarmers Insurance and Suncorp Group.
Global LBG Members include international heavy weights such as Coca Cola, Procter and Gamble and Unilever, and 32 finance companies including Citibank, UBS, and Barclays. “As a mutual bank, we believe profit has a purpose. For us, success is about supporting our members, communities and employees, and minimising harm to the environment. In today’s socially responsible world, this is a crucial indicator, and a measure of success along with profits and growth,” said Steve James.
Teachers Mutual Bank supported a range of programs in 2013 including providing teaching scholarships and beginning teachers support, helping schools create sustainable living programs, creative and performing arts initiatives and funding a sustainable program in Myanmar to support local teachers and better the lives of the whole community.
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 157,000 members, it currently has $4 billion in assets.
Teachers Mutual Bank’s award winning corporate social responsibility program was recognised nationally and abroad in the past year. This includes achieving international accolades with a Gold rating in the Corporate Responsibility (CR) Index, published in the London Financial Times.
For more information about Teachers Mutual Bank www.tmbank.com.au
About London Benchmarking Group (LBG)
LBG is a group of over 300 leading companies worldwide working together to measure and benchmark corporate community investment (CCI) across 130 countries. LBG is the only internationally recognised methodology for measuring and benchmarking CCI.
LBG offers businesses a tool to measure and benchmark their CCI within the wider context of its corporate social responsibility or sustainability strategies and programs. Often CCI is one of the most visible elements of CSR or sustainability strategies. The Australia & New Zealand (Australia & New Zealand) membership, started in 2005, stands at 50 companies. Internationally it is the second largest group by far.
More information can be found at www.lbg-australia.com/
There is an interactive microsite at www.2013review.lbg-australia.com
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