Company of the Year, Example of Excellence

The Co-operative Financial Services - Example of Excellence Winner 2008

Impact on Society Award - in association with Tomorrow’s Company

The Co-operative Financial Services (CFS) has long been seen as a leader in the area of responsible business. Their Sustainable Development Policy sets out a commitment to deliver value to their partners in a socially responsible and ecologically sustainable manner.

Amongst a host of other commitments, CFS customer-led ethical policies, which direct their approach to finance and investments, include provisions to promote financial inclusion and ecological sustainability.

Working with prisons, the bank is seeking to improve financial inclusion by enabling ex-offenders to open basic bank accounts, which are ready for them to use on release. Access to a bank account can facilitate employment and housing for offenders leaving prison – factors key to the reduction of re-offending.
 
The Co-operative Bank’s Customers Who Care campaigns provide a means for the bank to engage with customers on issues of public concern and involve them directly in progressing ethical issues. To date, campaigns have included calls for a tough Climate Change Bill, a ban on the use of landmines and opportunities for those living in poverty.
 
CFS has continued to be a driving force in tackling climate change with over 99% of their electricity coming from renewable sources and with £400m  ring-fenced for investment in renewable energy generation between 2007-2009.

Impact

  • 16,700 hours of employee time has been contributed to volunteering in the local community.
  • More than 300 bank accounts have been opened by prisoners nearing release at Forest Bank prison.
  • Over 22,000 customers lobbied their MP on the Climate Change Bill. Every single MP was lobbied by a bank customer.
  • CFS CO2 emissions from energy consumption have fallen 72% since 2002.

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