In June 2021 The Co-operative Bank received an ESG rating of 9.2 from Sustainalytics; a leading, independent ESG and corporate governance research and analytics firm.
Read our announcement here.
We’re incredibly proud of the score we’ve received, confirming our place as the UK’s best rated high street bank* for ESG. With our new strategy, and exciting plans for 2022 and beyond, we’re working to maintain this position in the future, as we strive to continually deliver our unique, customer-led ethical commitments to both customers and stakeholders.
*Rated by Sustainalytics in the Regional Banks subindustry with a score of 9.2 as of 11 June 2021.
Every year we create our Values and Ethics in Action: Sustainability Report to publicly showcase our ESG data and highlights from that year. As the only UK bank with a customer-led Ethical Policy, our yearly sustainability report is a great way for you to see those values and ethics in action, alongside our commitments for the year ahead.
The 3 individual areas which make up ESG are:
These 3 areas are designed to help businesses create a socially and environmentally conscious culture, which serves the people, both internally within the business and externally, ethically guides business strategies, and works to protect the environment. Creating long-term, sustainable business.
Protecting the environment has been one of the commitments within our Ethical Policy since 1992. Allowing us to track our environmental impact across 29 years. We have reported our greenhouse gas (GHG) emissions since 1998 and continue to see a downward trend in our carbon footprint.
Since 2007, we have offset our carbon emissions, plus an additional 10%, to address any previous impact of our business activities. Our ‘beyond carbon neutral’ status is helping the UK to achieve its Paris Climate Agreement commitment to reduce greenhouse gas emissions by at least 68% by 2030, compared to levels reported in 1990. We continue to source our electricity from renewable energy suppliers, in addition to minimum business travel throughout 2020 due to the restrictions of the global pandemic.
Having achieved a 47% decrease in our greenhouse gas emissions in 2020, we are targeting a 29% reduction on our 2019 baseline over 2021 and 2022.
Making a difference and giving back to the communities in which we live and work is at the heart of our values, and plays a huge part in how we operate.
Our impact on society goes beyond the people to whom we are providing banking services, as we seek to drive positive social change through our community initiatives and in co-operation with the partnerships and charities we work with.
In 2020, our contribution to the national wealth, or ‘economic value generated and distributed’, was £379 million. Of this, our community investment was £1.6 million (£1.1 million in 2019). Economic value is distributed as salaries to employees and donations to charitable causes.
The co-operative values and Ethical Policy are incorporated in the Bank’s Articles of Association and established in the heart of our constitution. Meaning it plays a fundamental part in our conduct, in every aspect.
We have a Values and Ethics Committee, which provides Board level oversight on the delivery of our values and ethics policy and strategy; ensuring effective governance and accountability. This committee will continue to review the development of our ESG reporting and delivery of our strategy.
The Values and Ethics Committee met four times in 2020 and will continue to meet on a quarterly basis in 2021. The governance and implementation of co-operative values and our Ethical Policy were the key areas of focus for the Value and Ethics Committee in 2020.
In addition to the above, you can find below more information and additional resources on the work we’ve carried out and ongoing projects in our commitment to protect the environment:
Here at The Co-operative Bank, we know our colleagues and many of our customers are committed to driving social change in line with our Ethical Policy. Below, you can find more information and additional resources on how we support people and their communities:
Our Ethical Policy is at the very foundation of who we are, and guides everything from our policies to our business strategies. Below, you can find more information and additional resources on our governing policies and legislation:
Find out more about our values and ethics.
At The Co-operative Bank, our customers and their welfare is at the forefront of everything we do. We know for many of our customers 2020 has been a particularly challenging year, due to Covid-19 and the challenges it’s presented. Below, you can find more details on our on going customer support, our partnerships and our Covid-19 customer support:
Here at The Co-operative Bank, we’re proud to be different. And we’re even prouder that it’s our people with purpose who make us different.
We help our colleagues connect with each other, with our customers, and with their communities. We reward them with more than just a competitive salary—offering an attractive range of benefits that support work-life balance, wellbeing, and career development.
Our diverse and competitive colleague proposition is underpinned by an environment and culture that attracts, develops, rewards, and retains talent, whilst achieving efficiency and sustainability for our bank.
Our Ethical Policy has five pillars which collectively define our commitment to deliver ethical banking. Pillar 4, ethical workplace and culture, ensures our workplace culture reflects our co-operative values and ethics by focusing on:
Our colleague inclusion networks are sponsored by members of our Executive Team and run by colleagues, for colleagues:
You can read our full colleague proposition here.
Not found what you're looking for?
Contact our support team