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Teachers Mutual Bank has gained further recognition for its sustainability credentials, winning the 2012 Sustainability Award at Mutuals 2012, the Abacus AM Institute Convention for the mutuals industry.
As one of three mutuals out of the 100-strong Abacus membership to receive awards at Mutuals 2012, Teachers Mutual Bank believes that sustainability—as one of the mutual bank’s three core values—is “built in, not bolted on” to its business.
Mutuals 2012 celebrates the positive contribution of mutuals to the financial services industry. Awards were given in the areas of innovation, community, sustainability and lifetime achievement.
Steve James, CEO of Teachers Mutual Bank, said: “Our sustainability approach underpins the way we do business—ensuring that we not only run a responsible and profitable business, but that we give back to our communities, and manage our impact on people and the planet.
“As a mutual bank, we believe that profit has a purpose. We don’t pay dividends to shareholders, instead reinvesting profits to help us deliver competitive rates, fairer fees, responsible lending, personalised service and to support our members’ communities.”
The 2012 Sustainability Award recognises Teachers Mutual Bank’s achievement of a bronze rating earlier this year in the international Corporate Responsibility (CR) Index, published in the London Financial Times.
The CR Index is a leading business benchmark that provides a systematic approach to managing, measuring and reporting on responsible business practice. As one of 110 organisations acknowledged worldwide in the CR Index this year, Teachers Mutual Bank outperformed the sector average of all CR Index companies in four categories.
Mr James said both accolades reinforced Teachers Mutual Bank’s approach to sustainability. “Being recognised in the same company as international financial institutions and corporations has shown the world that we’re punching above our weight in terms of sustainability.“Earning a bronze rating in the CR Index was a significant achievement. Now, we’re honoured to be recognised by our industry association in Australia.
“We won’t be resting here though; it’s onward and upwards for Teachers Mutual Bank. We’re continuing to improve our sustainability efforts by aiming for a silver rating in the CR Index in 2013,” Mr James said.