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The Co-operative Bank*
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Ecological Sustainabilty |  Indicators |  Partnership Report 2001 |  Our Performance |  Home
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Introduction
 Ecological Mission Statement
 Environmental Management >>
 Energy
 Water
 Persistent Bio-Accumulative Chemicals
 Transport and Emissions to Air
 Reduce, Reuse, Repair, Recycle
 Paper and Printing
 Hotels
 Land Occupied and Biodiversity Impact
 Finance: Tailored Ecological Products and Services

Delivering Value
 Social Responsibility
Financial Statements 2001

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Ecological Sustainability : Environmental Management
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ecological sustainability
  1. Environmental management systems: quality
  2. Legislative compliance
Suppliers National

Maintain the bank's environmental management systems at the leading edge of best practice, whilst encouraging others to follow suit. TARGET ACHIEVED tick 		*
results
2001 2000 Company Sector Overall Score
        0-40% 41-60% 61-70% 71-80% 81-90% 91-100%
1 6 The Co-operative Bank Banks * * * * * * * * * * * *
2 2 UBS Banks * * * * * * * * * * * *
3 17 Legal & General Group Life Assurance * * * * * * * * * * *
4 16 Northern Rock Banks * * * * * * * * * * *
5 5 Lloyds TSB Group Banks * * * * * * * * * * * *
6 1 CGNU Life Assurance * * * * * * * * * * * *
7 22 Co-operative Insurance Society Insurance * * * * * * * * * * *
8 4 Royal & SunAlliance Insurance * * * * * * * * * * * *
9 9 Royal Bank of Scotland Group Banks * * * * * * * * * * * *
10 14 Halifax Group Banks * * * * * * * * * * *

2000   2001


commentary
As explained in the section introduction, the bank's approach to ecological sustainability is heavily influenced by The Natural Step. As verified by ethics etc... (follow this link for the audit statement of ethics etc...), all aspects of the bank's environmental management system (EMS) are in place and active. Throughout 2001, there were no instances of legislative non-compliance in relation to environmental matters. An update on health and safety management and performance is available (follow this link for details of the bank's health and safety performance). The bank believes that the awards and commendations received during 2001 and early 2002 show that its environmental accounting, auditing and reporting systems are at the leading edge of best practice and, moreover, that real improvements in ecological sustainability are being realised. Business in the Environment's (BiE) 6th Index of Corporate Environmental Engagement, launched in February 2002, ranked the bank first amongst financial institutions and sixth overall. Over 200 companies participated, constituting 83% of the FTSE 350 by value. The 6th Index assessed, for the first time, the degree to which companies have improved their environmental performance over time. Performance improvement now accounts for 9% of the overall marks. It is the bank's belief that the credibility of the BiE Index is somewhat undermined by the fact that company submissions are not made publicly available. The bank has urged BiE to make the 7th Index more transparent and to disclose, at the very least, the submissions of the highest ranking companies. As detailed in the Partnership Approach section of the report, the bank still remains unconvinced of the value of pursuing formal certification for its EMS, preferring to concentrate on third party verification of its Partnership Report. The absence of a certified EMS is the primary reason behind the bank's less than perfect scoring on the BiE Index (average scoring is 98%).
ethical and ecological value analysis
  • Internal annual overhead associated with maintenance and development of ethical and ecological management and performance – £398,000
  • Annual costs relating to ethics and ecology, external research, audit and commentary, – £340,000
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new target
Ensure that the bank's environmental management systems continue to be recognised as being at the leading edge of best practice.

Paul Monaghan, Partnership Development Manager 		*
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The above data and commentary has been audited by ethics etc...