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Socially responsible banking at Teachers Mutual Bank Limited.

Teachers Mutual Bank Limited named one of the World’s Most Ethical Companies for 10 consecutive years

Teachers Mutual Bank Limited has today been named by Ethisphere as a 10-Time Honoree listed as one of the 2023 World’s Most Ethical Companies. In 2023, Teachers Mutual Bank Limited is one of only four banks to be named on the esteemed international list.

Teachers Mutual Bank Limited CEO, Steve James said: “We are extremely proud to be named as one of the World’s Most Ethical Companies for 10 consecutive years. To achieve this milestone is testament to the Bank’s purpose and that social responsibility drives everything we do – our products, practices and people.”  

“At Teachers Mutual Bank Limited we saw the future of ESG more than a decade ago and we’ve led the way, consistently taking an ethical and sustainable approach to how we run our Bank, including embedding our commitment into our purpose,” Mr James said.  

“There is a growing tide of socially aware consumers who are sending a strong message by demanding ethical and sustainable practices from their financial institutions. As a certified B Corporation and as the only Australian bank to receive Certification from Responsible Investment Association of Australasia for all of our retail deposits, mortgages and wholesale funding, our members choose to bank with us because they support the way we do business and they want their money to help create positive change in the community.”

The Ethisphere Institute CEO, Erica Salmon Byrne said: “Congratulations to Teachers Mutual Bank Limited for being named one of the World’s Most Ethical Companies for 10 consecutive years.” 

“This honor demonstrates the Bank’s ongoing commitment to global ethical leadership,” said Ethisphere CEO, Erica Salmon Byrne. 

“Every year the Ethisphere methodology evolves to address new and emerging ethics, compliance, and governance best practices – and in 2023, 40 percent of the assessment was updated. We congratulate the Australian Teachers Mutual Bank Limited on its continual improvement and dedication to advancing its business with integrity.”

Head of Social Responsibility at Teachers Mutual Bank Limited, Corin Millais highlighted there is a growing number of companies making vague and unclear environmental and sustainability claims that cannot be backed up by reliable science, transparent information or reputable third party certification. 

“Certification is the cure for greenwash. For more than a decade, we’ve invested in the toughest ESG standards, because third-party assessments give people proof that we can be trusted, that we are a leader and that we really are a force for good in banking. Global recognition from the Ethisphere Institute proves to our members that we meet stringent ethical standards,” Mr Millais said. 

“At Teachers Mutual Bank Limited we measure ourselves against some of the toughest world standards and are ranked against thousands of global companies. World’s Most Ethical Companies measure the entire Bank, applying a rigorous evaluation framework, not a one-off project or activity.”   

“Being named as a 10-Time Honoree, which demonstrates our ongoing commitment to global ethical leadership, and honours companies demonstrating business integrity through best-in-class ethics, compliance, and governance practices.” 

To receive the World’s Most Ethical Companies award, companies are assessed by global body the Ethisphere Institute on more than 200 individual areas including culture, environmental and social practices, ethics and compliance activities, governance, diversity and initiatives that support a strong value chain.