Ethical Policy
While the bank, like any other, is run on profitable lines, it does occasionally turn away new business which it feels may compromise its ethical policies. In the 2005/06 financial year, whilst making profits of £96.5 million, it turned away business of nearly £10 million.
Despite its ethical claims, the bank does invest substantial amounts from its investment funds in Imperial Tobacco and British American Tobacco both of which have faced numerous claims of irresponsible marketing to children, and accusations that they provide support to smugglers.
In June 2005, the bank closed the account of a Christian evangelical group (Christian Voice) because of its standpoint on homosexuality, specifically the group's "discriminatory pronouncements on grounds of sexual orientation". They said the group was "incompatible with the position of the Co-operative Bank, which publicly supports diversity and dignity". Christian Voice said the bank was discriminating against it on religious grounds. Gay Times subsequently selected the Co-operative Bank for its Ethical Corporate Stance Award.
Read more about this topic: The Co-operative Bank
Famous quotes containing the words ethical and/or policy:
“Our rural village life was a purifying, uplifting influence that fortified us against the later impacts of urbanization; Church and State, because they were separated and friendly, had spiritual and ethical standards that were mutually enriching; freedom and discipline, individualism and collectivity, nature and nurture in their interaction promised an ever stronger democracy. I have no illusions that those simpler, happier days can be resurrected.”
—Agnes E. Meyer (1887–1970)
“U.S. international and security policy ... has as its primary goal the preservation of what we might call “the Fifth Freedom,” understood crudely but with a fair degree of accuracy as the freedom to rob, to exploit and to dominate, to undertake any course of action to ensure that existing privilege is protected and advanced.”
—Noam Chomsky (b. 1928)