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Teachers Mutual Bank named one of the World’s Most Ethical Companies
Australia’s leading mutual bank serving the education sector, Teachers Mutual Bank, has just been named in New York as a 2014 World’s Most Ethical Company by the Ethisphere Institute, a US-based independent centre of research promoting best practices in corporate ethics and governance.
Teachers Mutual Bank is one of only three globally awarded Australian organisations to be recognised for continuing to raise the bar on ethical leadership and corporate behaviour. This year, 144 honourees were chosen from thousands of submissions, of which only three were Australian. All three Australian companies were banks, and Teachers Mutual Bank, by far the smallest of the three, was recognised for its work in its five sustainability priority areas – business practices, the education sector, its members, its employees, and the environment.
Steve James, CEO of Teachers Mutual Bank, comments on the announcement, “We’re honoured to be recognised at an international level by the Ethisphere Institute, and are proud to be punching above our weight alongside the biggest in the industry when it comes to ethical business practices and sustainability.”
“For us, it’s not a bolt-on, it’s at the very heart of our strategy. It’s great to see Australia leading the world in ethical banking practices which is testament to the forward-thinking nature of our industry,” he said.
“The award is testament to our long-term commitment to responsible corporate citizenship and reinforces our position as an industry leader in sustainable business operations.”
The award follows 12 months of considerable achievement in sustainable business operations for Teachers Mutual Bank. In 2013, the bank reached Gold status (90%) in the annual Corporate Responsibility (CR) Index published by London’s Financial Times.
It won the ‘Best Bank in Socially Responsible Performance category’ in the Asia-Pacific Banking and Finance Awards and was recognised by the London Benchmarking Group as a global leader in community investment for the second year running. TMB’s community investment of 4.1% of pre-tax profits is seven times higher than London Benchmarking Group’s (LBG) average for Australia and New Zealand in 2013, 12 times the finance services sector average and 2.4 times the Global LBG average.
Teachers Mutual Bank is carbon neutral and has been since July 2012. Among the initiatives it has undertaken are, support for carbon reduction projects in China and India, and reducing its emissions from electricity by 30% from 2011 to 2013. Teachers Mutual Bank also does not use members’ funds to finance large scale greenhouse gas pollution.
Media Contact: Gillian Tatt, PR and Corporate Affairs Specialist, Teachers Mutual Bank on 02 9735 9825 or 0448 259 942
About Teachers Mutual Bank
Teachers Mutual Bank, the former Teachers Credit Union, launched on 2 April 2012 and is the leading Australian bank servicing the education sector. One of the largest mutual banks in Australia, it has over 160,000 members, and more than $4 billion in assets.
About the World’s Most Ethical Companies
The World’s Most Ethical (WME) Companies designation recognises companies that truly go beyond making statements about doing business “ethically” and translate those words into action. WME honorees not only promote ethical business standards and practices internally, they exceed legal compliance minimums and shape future industry standards by introducing best practices today.
This year, a record 144 companies made the list, which includes more than 41 industries, from aerospace to wind power, with 38 of the WME winners headquartered outside the U.S.