The Co-operative Bank has assured its customers, including some of the UK’s leading charities, that it will not to vacate its ethical principles as it prepares to hand over a large portion of its shares to outside investors.
The bank is set to be recapitalised after regulators ordered that it fill a £1.5 billion black hole on its balance sheet. As part of the deal, 70% of the bank’s assets will be sold off to outside investors in a bid to save it without turning to the taxpayer.
Major UK charities, including RSPB, Save the Children and Amnesty International, currently have active accounts with the bank, and some have sought reassurances that the bank will stand by its core ethical principles.
Shelley Waldock, a fundraiser for Greenpeace, told the Mail on Sunday, “There are 9,000 of our supporters in the UK using Co-op Greenpeace credit cards. Greenpeace receives £80,000 a year as a result, so we have written to the Co-op asking for urgent confirmation that their ethical investment policy will not change, and we will be monitoring all further developments very closely.”
But in an announcement made last week, Co-operative Group CEO Euan Sutherland said, “This bank will remain the Co-operative Bank. We are embedding the co-operative principles in the constitution of the bank to guarantee this.”
The announcement was welcomed by charities across the UK.
Michael Krause, head of funding development at RSPB, said, “We’re very grateful to the bank and all the cardholders for the support they have given to nature conservation. We have spoken to the bank this week and they have said there are no plans to change their ethical policies.”
Under the deal, the Co-operative will retain a 30% share of the bank, and as the majority shareholder, will be able to veto any changes to the constitution.
Like our Facebook Page
Harnessing the Sun: The Far-reaching Benefits of Solar Panels
7 Benefits of Purchasing Sustainable Housing
Our Top Five Sustainable Home Renovations For 2023
6 Ways Eco-Friendly Photographers Can Take Beautiful Natural Pictures
Emerging Research In Seagrass Restoration: What Does The Future Hold?
Sustainable Bites: How To Make Your Diet Eco-Friendly
Coffee Farms & Cloud Forests: Colombia’s New Eco Initiatives
Electric Cars: Are They Worth The Switch?
Maximizing the Efficiency of Deliveries: Strategies for Sustainable Businesses
The Rise of Sustainable Cloud Computing
The Future of Sustainability In The Logistics Industry
Can Eco-Friendly Businesses Embrace VPNs to Bolster Cybersecurity?
UK Lags EU in Installing Heat Pumps to Slow Climate Change
Eight Different Eco-Friendly Developments in the Food Industry
5 Key Areas to Look at When It Comes to Business Sustainability
Addressing Leadership Challenges in Green Entrepreneurship
Holding Eco-Friendly Coins is Greener and More Profitable
5 Reasons That Diamonds Can Be Excellent Green Investments
Eco-Friendly Airlines Use Weather Models to Make Safer Flights
Why Should We Invest in Eco-Friendly Homes?
- Features3 months ago
What is the Eco-Friendliest Option to Wash Your Dishes?
- Environment7 months ago
6 Home Improvements You Can Make to Help the Environment
- Environment11 months ago
How to Ensure Your Home’s Eco-Friendly During Construction?
- Business10 months ago
The Pulp & Paper Industry is Reaching its Sustainability Goals