An end to investing in firms which experiment on apes, along with those who manufacture arms using depleted uranium, is on the agenda at the Co-op.
The Co-operative Bank has launched a wide-scale review into the ethical financial services sector.
According to the firm, the market leader in the UK's ethical banking sector, their "sustainable" financial model is uniquely well-suited to weathering the current volatility affecting the markets.
The review takes the form of a series of questionnaires, sent out to the Co-op's two million customers. Questions on how the bank's policy should relate to international development, ecology and social enterprise will be prominent in the review - which is the most wide-ranging undertaken by the firm in 16 years.
Among the proposals tabled by the Co-op is a pledge to stop investing in companies which use apes for medical testing and those which manufacture weapons incorporating depleted uranium.
David Anderson, Co-op chief executive, commented: "In the current economic climate we believe it is more important than ever to take an ethical approach to business. Our unique ethical policy has been at the core of our business since 1992 and has proved to be an excellent reflection of our customer's views and an excellent predictor of the general direction of trends in society.
"Our policy has always been at the cutting edge and we wish to remain a progressive business voice."
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Mr G. A. Wood
28th Oct 2008 19:55
With all the fanfare that the Co-op makes about their ethical approach to business it is a shame that they are not more ethical in the way in which they treat their customers.
My wife has just had two separate instances with the Co-op Bank and with Smile where their levels of customer service has been sadly lacking in our view.
Those at the end of the phone in their call centres bear the brunt of errors and lack of customer care being exercised by departments shielded from frustrations of angry customers
Steve Linney
21st Dec 2008 00:55
The Co-operative Bank is NOT an ethical bank, they fail their own ethical ideals. Their investment literature says: "Areas of avoidance constitute animal testing (unless conducted for the benefit of human health)...". Any ethical organisation would be totally against animal testing. But they invest money in companies like GlaxoSmithKiline, Smith & Nephew and AstraZeneca, all involved in animal testing (GSK & AstraZeneca contract work out to Huntingdon Life Sciences). And they have the gall to publish this on their website! I chose to bank with the Co-op purely for ethical reasons and I now feel totally let down by them. David Anderson, your policy is bunk.
