The Co-operative Financial Services - corporate lobbying

The Co-operative Financial Services (CFS) has founded its business success on a strong ethical policy, driven by customers and other key stakeholders. However, CFS saw that simply operating its business according to its policies was not enough - it needed to be seen as an active contributor to the debate in a number of issues. This has led it to take an active lobbying role on a number of areas, bringing with it an obligation of transparency.

Processes

CFS includes information about its public lobbying positions, such as covering the use of safer chemicals, action on cluster bombs and landmines and curtailing the trade in 'conflict diamonds'. CFS has taken progressive positions on a number of key policy areas in line with its ethical policy, developed in consultation with its customers. CFS does not yet publish all of its lobbying activities, only some of which it says are material to its position on responsible business. However, they are committed to provide information to auditors for future reports to ensure that inconvenient or contradictory positions are not classified as immaterial.

CFS has also lobbied government for other measures relating to corporate responsibility, such as mandatory social reporting. Although its strong performance as an ethical niche player may lead many businesses to dismiss its activist stance on a number of issues, it has nevertheless provided a model for the dual aims of policy consistency with its CR positions, and its transparency in disclosing those positions.

Impact

  • Co-operative Financial Services has been one of the first to include information about the company’s lobbying activities and positions in its social and environmental reporting. In fact, the company’s leadership in this area was one of the factors that led to CFS winning the ACCA award for its recent report.

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