Teachers Mutual Bank Limited signs global Tobacco-Free Finance Pledge
9 February 2021
Teachers Mutual Bank Limited is proud to join global financial institutions as a signatory to the Tobacco-Free Finance Pledge. The mutual will be one of 161 global signatories that collectively manage over AUD$14 trillion in assets under management. There are a total of 45 Australian signatories.
The Tobacco-Free Finance Pledge is an initiative founded by Dr Bronwyn King’s Tobacco Free Portfolios. The Pledge’s aim is to ‘de-normalise’ tobacco by ending all business and financial ties with the industry. The Pledge is designed to bring together global collaboration to tackle the devastating impacts of tobacco.
Teachers Mutual Bank Limited, CEO, Steve James, said: “In the 55 years Teachers Mutual Bank Limited has been operating, we are proud to have never invested in or taken money from the tobacco industry. We believe in using banking as a force for good, which means investing money responsibly and not funding harmful industries.
“We have joined the Tobacco-Free Finance Pledge to demonstrate our public commitment for a tobacco-free world. This commitment provides reassurance to our members that their money is being invested ethically and responsibly and we are actively contributing to a better world – one free from tobacco. We believe the Pledge aligns with the expectations of all of our key worker members and particularly our healthcare workers who are witnessing the harmful impacts of tobacco every day.”
Tobacco Free Portfolios, CEO, Dr Bronwyn King, said: “I’m thrilled to welcome Teachers Mutual Bank Limited as a Signatory of the Pledge. In the midst of a global health pandemic, there has never been a better time to join the tobacco-free movement. It’s great to see Teachers Mutual Bank Limited recognise the finance sector’s crucial role in supporting efforts of the health sector and governments, in creating a healthy and sustainable future for all.”
According to the Tobacco in Australia report tobacco is responsible for more than three times as many deaths as alcohol and the overall social cost of tobacco use in Australia is estimated to be $136.9 billion.
The Tobacco-Free Finance Pledge builds on key global finance initiatives such as the Investor Statement in Support of World No Tobacco Day, produced in 2017 by the UN-supported Principles for Responsible Investment (PRI), UN Environment Programme Principles for Sustainable Insurance (PSI) and Tobacco Free Portfolios.
Teachers Mutual Bank Limited is a leader in socially responsible banking and is the only bank in Australia to have all wholesale and retail mortgages and deposits Certified by the Responsible Investment Association of Australasia. This Certification was introduced in 2018 and assures that a product is delivering on its social responsibility criteria, such as zero investment in the tobacco industry.
Corporate Affairs Manager
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