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Our values and ethics have always been more than words

on paper. They underpin how we run our business,

distinguish us in the market place and run through

everything we do. This document sets out our strengthened

and expanded Ethical Policy and marks our recommitment

to the values that underpin it.

We have listened to our customers and colleagues - more

than 74,000 of them shared their views with us and have

helped to shape the Policy. The volume of responses

gives us confidence that our approach to banking is very

relevant in today’s world.

As we rebuild the Bank, we have continued to apply our

Ethical Policy to how we run the business. We remain the

only bank on the high street with a clear customer led

ethical policy which gives customers a say in how their

money is used. Adherence to co-operative values and

ethics is now written into the constitution of the Bank to

ensure that this vital aspect of our heritage is maintained.

Our customers continue to care about the major issues in

the world today. But they also want the Policy to address

issues nearer to home. Significantly, when asked what

areas are most important to them, the two they felt the

strongest about are two new areas: operating with honesty

and transparency and promoting responsible banking.

So, for the first time, we are formalising the Ethical Policy

commitments around how we operate as a business.

We are extending our Ethical Policy by introducing four

new areas. These cover the products and services we

offer customers; how we run the business, including our

relationships with suppliers and external stakeholders;

how our workplace and culture reflect our values and

ethics; and our approach to campaigning.

As part of our commitment to transparency, we will be

publishing an annual Values and Ethics Report, which will

cover how we have been fulfilling our commitments.

The launch of our expanded Policy is the fulfilment of an

earlier commitment, an important step in our fight back to

rebuild trust in the Bank and also demonstrate what makes

us different. Our revised Ethical Policy demonstrates that

we continue to lead the way in what it means to be an

ethical bank. For anyone who shares our values and ethics,

The Co‑operative Bank is still the right bank for you.

Niall Booker

Chief Executive

Laura Carstensen

Chair, Values and Ethics Committee