Our commitment to the co-operative values and principles on which we were built remains as strong as ever, with ESG principles embedded within the business every day.
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.
If you have enquiries as an existing investor, or want to find out more about becoming a new investor, please don't hesitate to get in touch. You can easily contact a member of our investor relations team using the details below.
Our commitment to protecting the environment was formalised 30 years ago when we launched our Ethical Policy. In 2021 we were recognised as the UK’s best Environmental, Social and Governance (ESG) rated high street bank by leading ESG ratings agency, Sustainalytics – with an ESG risk score of just 9.2*.
In 2021 we have continued to see a downward trend in our operational greenhouse gas emissions. Since 2007 we have offset our operational carbon emissions plus an additional 10% to address the impact of our business activities in the past and will offset our 2021 emissions in line with this commitment. We continue to source our electricity from renewable energy suppliers and have continued to keep business travel to a minimum again this year.
Having achieved an 18% year-on-year decrease in our operational greenhouse gas emissions in 2021, we have now achieved a 55% reduction on our 2019 baseline. While this is an achievement to be proud of, we recognise that it is largely due to changes in our day-to-day operations in response to the COVID-19 pandemic. Our challenge is to continue this trend in 2022 and beyond.
*Rated by Sustainalytics in the Regional Banks subindustry with a score of 9.2 as of 11 June 2021
We remain committed to holding co-operative principles at the heart of our business and we strive to demonstrate co-operative values in everything we do. We recognise that our impact on society goes beyond our customer base and we therefore seek to drive positive social change, working in partnership and co-operation with charities and community organisations.
Our colleagues remain enthusiastic volunteers, fundraisers and campaigners. Their support in helping us to achieve our social goals in 2021 has been inspiring.
Many of our customers have needed additional support as the pandemic has continued in 2021. We’re grateful for our partnership with Citizens Advice Manchester, which allows us to make a direct, priority referral to their vital services.
Co-operative values and the Bank’s Ethical Policy are incorporated into the Articles of Association and established at the heart of our constitution.
The Board level Values and Ethics Committee ensures that co-operative values and the issues that are important to our customers are reflected in everything we do. It has oversight of the governance around the types of businesses we refuse banking services to, the causes we support and the issues the Bank campaigns on.
The Values and Ethics Committee met four times in 2021 and will continue to meet on a quarterly basis in 2022. You can read the chair of the committee’s report for 2021 in our Annual Report and Accounts.
With input from the Executive Committee, the Values and Ethics Committee will continue to review the development of our ESG reporting. This will include the recommendations of the Financial Stability Taskforce on Climate-related Financial Disclosures (TCFD) as we begin to implement these into our reporting.
We have launched our GSS Financing Framework to connect our purpose with our wholesale market financing strategy. This framework will facilitate secured and unsecured funding of assets with clear environmental or social benefits that contribute to the United Nations Sustainable Development Goals and demonstrate our commitment to ESG and sustainable finance.
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 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.
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:
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