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:
“There are two kinds of liberalism. A liberalism which is always, subterraneously authoritative and paternalistic, on the side of one’s good conscience. And then there is a liberalism which is more ethical than political; one would have to find another name for this. Something like a profound suspension of judgment.”
—Roland Barthes (1915–1980)
“While I am in favor of the Government promptly enforcing the laws for the present, defending the forts and collecting the revenue, I am not in favor of a war policy with a view to the conquest of any of the slave States; except such as are needed to give us a good boundary. If Maryland attempts to go off, suppress her in order to save the Potomac and the District of Columbia. Cut a piece off of western Virginia and keep Missouri and all the Territories.”
—Rutherford Birchard Hayes (1822–1893)