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Ethical banking and your organisation


5 May 2021 at 7:00 am
Contributor
In an era where ethical banking is slowly becoming understood, do you know if your bank's investments or lending principles match your organisation's principles? 


Contributor | 5 May 2021 at 7:00 am


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Ethical banking and your organisation
5 May 2021 at 7:00 am

In an era where ethical banking is slowly becoming understood, do you know if your bank’s investments or lending principles match your organisation’s principles? 

You’re all over ethical practices in your organisation, right? But have you taken a step further and thought about the ethics of the businesses you deal with? Do those suppliers and partners have the same values as you, and are you comfortable with that association? After all, it’s not a giant leap for a sponsor to question your integrity if they are concerned about the ethics of the businesses you align with.

For example, what sort of message does it send if a conservation group aligns with a super fund that invests in fossil fuels, or palm oil grown on deforested land?

And in an era where ethical banking is slowly becoming understood, do you know if your bank’s investments or lending principles match your organisation’s principles? 

Ethical banks and institutions strive to do business in line with their beliefs and without causing harm. Operating in a way that creates a positive impact for people and planet. Does your bank subscribe to this?

At Beyond Bank, we’re committed to using our business as a force for good by balancing profit and purpose, which is why we are Australia’s first B Corp certified bank. 

We measure our impact across five stakeholder groups: our people, customers, community, environment and governance. Plus, we’ve signed up to SDG (sustainable development goals) Action Manager, a global call to action to transform our world.

But what does this mean? You still want your money to perform well. Being ethical doesn’t negate the need to achieve a position of financial strength and diversified growth, develop responsive and agile processes, and stay focused on the financial wellbeing of customers and communities.

Ethical banks are transparent about their purpose, beliefs, practices and policies. By choosing a customer-owned bank, you can be sure that profits are reinvested back into the business to benefit customers by delivering better products and services.

Many ethical banks also provide great rates on green lending and offer sustainable finance solutions and financial wellbeing initiatives.

Part of the B Corp impact score assesses the organisation’s involvement in the local community. At Beyond Bank, this equates to charitable giving, supporting local business and community groups, and fostering a diverse and inclusive workforce.

We continue to embed volunteering as a key part of our organisational culture, support fundraising in the community, provide adult financial education, and progress sustainable supply and procurement practices.

We are taking action against climate change by reducing our greenhouse gas emissions and improving waste management.

This is how we operate and what our customers expect from us. It’s what ethical banking means to us.* What does it mean to you and your banking partner? 

Look carefully at your associations with others, not just your bank and investments. Make it your business to learn about their ethics. Positively influence where you can. Look for alternatives where things just aren’t sitting comfortably with you.

 

*You can find more information about our performance and 2021 objectives in our Corporate Report 2020.

Beyond Bank partners with over 4,000 like-minded community organisations that share the values and purpose of changing people’s lives. Find out more about partnering with Beyond Bank here.



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