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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.
Global LBG Benchmark Index
(109 companies reporting)
LBG Aus/NZ Benchmark Index
(43 companies reporting)
(8 financial services reporting)
Of the LBG ANZ 43 total, 8 are financial services;
NAB, ANZ, Bank of New Zealand, Australian Unity, Medibank, Wesfarmers Insurance, Suncorp Group
Of the LBG 109 members index, 32 are financial services;
Access Bank, Allianz UK, Arab African International Bank, Aviva, AXA UK, Banco Espirito Santo, Bank of America, Merrill Lynch, Barclays, Capital One, CGD, Citibank, Deutsche Bank London, Friends Life, ING, Intesa San Paolo, Investec, IPF, Lloyds Banking Group, Nationwide, Provident Financial, Rothschild, SA Group, Santander UK, Schroders, Standard Chartered, Standard Life, The Royal Bank of Scotland Group, UBS, Unicredit, Zurich
About London Benchmarking Group (LBG)