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:
“My belief is that no being and no society composed of human beings ever did, or ever will, come to much unless their conduct was governed and guided by the love of some ethical ideal.”
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“’Tis our true policy to steer clear of permanent alliances with any portion of the foreign world.”
—George Washington (1732–1799)