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Teachers Mutual Bank (TMB) has continued to move up the international CSR ladder, scoring 91% in the prestigious annual Corporate Responsibility Index (CRI) published on March 31st in London at the ‘Responsible Business Week’ event. TMB has increased its score to 91%, and improved its comparative performance, despite the CRI criteria being made tougher and more challenging.
"Teachers Mutual Banks’ sustainability credentials have been tested in one of the toughest CSR exams, and our 91% CRI score is a new high. It reflects our ongoing commitment to be a sustainable business leader. Sustainability is integral and integrated in what we do every day” said Steve James, Chief Executive Teachers Mutual Bank.
A significant factor in the score has been the banks’ strong HR, Workplace and Employee Development approach. This includes high staff satisfaction and engagement rates (88%), a culture of education, and being named an Employer of Choice for Women for the fifth year running.
TMB—relatively small by comparison—is ranked against heavyweight international CR Index members that includes Marks and Spencer, the Co-operative Bank, and PWC.
Our 91% CRI score exceeds the CRI average of 85%. The CRI average dropped from 90% to 85% this year, reflecting the tougher criteria.
93% of our main category scores exceed the CRI average (14 out of 15 categories). A big improvement in 2013, this was 53% (8 out of 15).
87% of our main category scores exceeded the CRI finance sector average (13 out of 15).
We received a perfect score in two thirds of our answers (48 out of 70).
We excelled at Community Investment (100%), Workplace Management (97%), Employee Development (97%), and our Teachers Environment Fund (100%).
Strategy, integration, management practises and assurance (43%)
Management areas (23%)
Environment and Social Impact areas (33%)
Self-selected Environmental Impact Area: (TEF)
Employee Engagement and Wellbeing
Overall CRI score (%)
The 13 member finance services sector are Barclays PLC, DTZ, Inut Properties, John Laing plc, L&Q Group, Legal and General Group, Lloyds Banking Group, Nationwide Building Society, Resolution and Friends Life, Teachers Mutual Bank, The Crown Estate, VocaLink Ltd, Zurich Insurance.
About the CRI
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. The CR Index follows a systematic approach to managing, measuring and reporting on responsible business practices. For more on the CR Index www.bitc.org.uk.
The CRI 2014 is tougher than previous years; as explained by CRI;
‘The changes made this year has raised the bar, making the CR Index more challenging for participants. The new question set better reflects the complexity of integrating sustainability into core business strategy, incorporating some of our latest thinking on how companies can stretch themselves to drive change within their business. As a result, we have revised the way in which we categorise performance in the CR Index this year, moving away from the old bandings to a new 5 star rating system. As we would have expected, the changes we have made to the Index question set this year has raised the performance bar to the extent that we had no company achieving the 5 star rating this year. In addition, the average score has decreased from 90% in 2013 to 85% in 2014’.