Honoured for the ninth year in a row
Teacher’s Mutual Bank Limited is celebrating nine years as one of the world’s most ethical companies.
The customer-owned bank provides financial services to essential workers in the education, emergency services and healthcare sectors.
It’s one of only five banks worldwide to make Ethisphere’s 2022 World’s Most Ethical Companies honouree list. A total of 136 organisations made the cut.
Teachers Mutual Bank Limited CEO Steve James (pictured) said a recent RIAA report showed seven out of 10 Australians were concerned about greenwashing.
The only way to combat it was through independent, external verification, he said.
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“That's what third-party assessments like World's Most Ethical Companies do, they give people proof that we can be trusted, that we really are a force for good in banking,” James said.
Teachers Mutual Bank Limited became a certified B Corporation (B Corp) in January 2022. Mortgages provided across the bank’s five brands are certified by the Responsible Investment Association of Australasia (RIAA).
Assessment of its products showed they incorporated an investment style and process that considered environmental, social, governance or ethical considerations, and met operational and disclosure practices.
“We guarantee every mortgage, and the bank itself is assessed and certified to the highest standards,” James said.
He said social responsibility was at the core of everything Teachers Mutual did, including business practices, people, and products. The bank was proud to be a socially responsible leader, setting standards for trust and transparency.
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“Every mortgage we sell across our five brands is certified by the Responsible Investment Association Australasia and is based on strict ESG exclusion policies,” he added.
“This means that the money our members borrow from us never comes from damaging industries such as fossil fuels, tobacco, gambling and alcohol. Our bank is a force for good.”
Teachers Mutual Bank Limited has joined the investor-led Climate League 2030, calling for a cut in Australia’s emissions by at least 45% by 2030, in line with the Paris Agreement.
Among the largest customer-owned banks in Australia, Teacher’s Mutual Bank Limited has five divisions: Teachers Mutual Bank, Health Professionals Bank, Firefighters Mutual Bank, UniBank and Hiver.
