Be Ethical

For ten consecutive years we have been named one of the World’s Most Ethical Companies^®. In 2023 we were one of only four banks globally to be recognised. We are proud to count ourselves among the leaders of our industry in setting standards for fairness, trust and transparency - and in supporting economic, social and environmental sustainability.

Being a member-owned bank means we are answerable to the people who bank with us, not shareholders. People who expect their bank to do what’s right.

What we do

1. We’re a world-leading, socially responsible bank. We are proof that a bank can be both profitable and socially responsible.
2. Our commitment is verified by third party certification and assessment. 
3. We were named as One of the World’s Most Ethical Companies 2023 for ten years in a row (2014-2023).
4. We are a Certified B Corp Bank, one of 44 in the world, meaning we are a global leader in using business as a force for good. 
5. We were named Green Bank of the Year 2022 in the Finder Green Awards, Highly Commended in 2023 and a Finalist 2020 and 2021.
6. We are the only bank named as a Responsible Investment Leader by RIAA (Responsible Investment Association of Australasia) in 2021, 2022 and 2023.
7. We published more than 80 external results, which highlight our consistency and leadership in socially responsible banking year-on-year. 
8. We invest our members’ money responsibly and ethically and run the bank for people, planet and profit.
9. We don’t directly invest in or lend money to industries that pollute the planet, and the money borrowed from us is not sourced from polluting industries. 
10. We are not like other banks – profit for purpose is our business model, and we are 100% owned by our Members.
    
     

 

Employees

We believe our employees are our most valuable resource and strive to create an engaged workforce by having fair and equitable policies in place that enhance the working environment.

Our culture is clearly defined by education and we encourage and support our staff to further their education, develop a career path and maintain a healthy work/life balance. We have a strong reputation for caring for staff and attract and retain high quality employees with our flexible work practices, strong leadership programs, generous remuneration and attractive benefits. Our high Staff Satisfaction and Engagement Scores⁶ of 84% are a reflection of this.

Mature Age Worker Program

As part of the Federal Government’s Corporate Champions Program, we’ve implemented a Mature Age Worker Program to assist employee’s transition to retirement. Through a combination of in-house seminars and practical advice, the program is designed to assist employees in successfully transitioning to retirement, reducing the stress associated with this life changing decision and ensuring that they are aware of all the options available to them.

Development Education Conference

Since 1984, the international Development Education Conferences have encouraged and fostered the principles of the co-operative movement. In 2013, two employees proudly represented Teachers Mutual Bank at this annual event in Auckland, New Zealand. Since returning, they’ve been working together to promote the value of the co-operative movement, assisting with volunteer network development and expanding our involvement in the activities of the Credit Union Foundation of Australia (CUFA).

Australian HR Director of the Year Finalist

Our Chief Human Resources Officer, Helen O’Reilly, was a finalist in the Australian HR Director of the Year Awards in 2013. Her recognition and success is an indication of the level of care and commitment she has shown to the employees of Teachers Mutual Bank since joining us in 1990.

Emerging Leader Tertiary/Vocational Education Scholarship Awards

In 2013, Jazmin from our WA Office and Danielle from Human Resources were each awarded an Emerging Leader Tertiary/Vocational Education Scholarship. This award continues a proud tradition of recognising talent within the mutual sector. Both received scholarships to undertake further vocational or tertiary study, and to help make mutual banking home to the Nation’s best and brightest.

Institute of Financial Services Top Student Award

We’d like to congratulate Deborah from our Credit Department who won the Institute of Financial Services Top Student Award for 2013 for her outstanding results in completing the Certificate IV in Financial Services.

A great place to work

Our staff engagement rating is currently at 87%, and our employee satisfaction rating is 86%.

Diversity

We pride ourselves on being an employer of choice for women (EOCFW) and have policies and practices in place supporting women across the organisation, achieving positive outcomes for both women and the business. We are committed to satisfying the EOCFW criteria that includes;

• having effective processes and culture that are gender- inclusive and championed by the CEO, driven by senior executives and holds in-line managers accountable
• having strategies in place that remove barriers to women
• educating all employee on their rights and obligations regarding sex-based harassment
• delivering improved outcomes for women.

Training and development

Our culture is clearly defined by education, and aligned with this our employees are encouraged and supported to further their education, develop a career path and gain new skills. We have at least 10% of employees undertaking tertiary study.

We provide:

• study leave and financial assistance for certificates, diplomas, undergraduate and postgraduate courses and courses required to gain professional standing
• a Traineeship program for school leavers, employing up to 8 Trainees per year
• extensive internal training as well as opportunities to attend external training 
• an annual formal performance review and development plan which links pay with performance.

Health and wellbeing

Along with our employee’s safety, we believe in focusing on their broader health and wellbeing. We provide:

• an Employee Assistance Program through IPS, an independent professional counselling organisation:
• subsidise bi-monthly massages and regular fitness classes
• provide annual flu immunisations
• encourage healthy diets through the continuous provision of fruit
• provide financial assistance to allow employees to quit smoking
• provide the quarterly health newsletter 'Well at Work'
• support our corporate sports teams 
• have an active social club that organises fun and relaxing events for staff
• Hold a Healthy Living Expo at our head office, with information for staff on back care and posture, heart health and brain chemistry.

Recognition 

We believe in recognising our employees and do this through:

• seeking and rewarding their ideas in our Bright Ideas Program, where all submissions are assessed by our Executive Management and receive a $50 gift voucher. There is also a $250 voucher awarded for the best idea per quarter our annual Staff Awards night.

Promoting flexibility

We aim to enrich the lives of all employees by providing opportunities for work/life balance. We:

• provide 1 paid rostered day off (RDO) every month for most full-time staff
• 8 weeks paid maternity leave, 2 weeks paid paternity leave and 14 days paid personal/carer’s leave
• allow staff to temporarily transfer to part-time work if requested
• promote job sharing and other flexible work practices such as working from home.

Certified B Corporation

Certification to become a B Corp is a rigorous, verified performance assessment across 5 areas: Governance, Workers, Customers, Community, Environment, with a minimum score of 80 points, 300+ scored questions, multiple verification rounds, a series of interviews and data provision. The process took us over 12 months to complete.

The combination of third-party verification, public transparency, and legal accountability makes certification unique, credible, and significant; it builds trust as it measures what matters most.

Certification is administered by the non-profit global organisation B Lab. Unlike other certifications for businesses, B Lab is unique in its ability to measure a company’s entire social and environmental impact across all operations.

Why it matters

Third party assessments are proof that we can be trusted, that we really are a force for good in banking. Our purpose is to provide ‘Banking for good, for those who do good’, so being a B Corp is proof of our credentials.

Green Bank of the Year

Now in its fourth year, our bank has been recognised as a sustainability leader, winning the Highly Commended award for Green Bank of the Year.

The Finder Green Awards help Australians to find the companies leading the way on sustainability across numerous categories. With awards in the energy, insurance, banking, travel, shopping, superannuation and telecommunications industries, this is one of the broadest sustainability awards programs in Australia.

All relevant companies are encouraged to enter the awards and winners are selected each year based on broad and sector-specific environmental metrics. These include greenhouse gas emissions, renewable energy usage and waste avoiding landfill.

We were finalists for this award in 2020 and 2021 and Green Bank of the Year for 2022

Our credentials for the award include:

• We were the first bank to sign up to the investor-led Climate League 2030 position to cut Australia’s emissions by 45% by 2030 in line with the Paris Agreement. Our commitment is to reach an additional $20 billion in Certified Responsible Investment products by 2030.
• We are the only bank in Australia to have all wholesale and retail mortgages and deposits certified by Responsible Investment Association of Australasia (RIAA) on the basis of zero fossil-fuel industry investment – as of December 2022 our RIAA product portfolio was $9.7billion. 
• We are the only bank named as a Responsible Investment Leader by RIAA.
• We have been net zero for our direct greenhouse gas emissions since 2012 (Scope 1 and 2). 
• We cut our emissions as we grow. In the past five years, whilst total assets increased 76%, we reduced our Scope 1 and 2 emissions by 47% and our emissions intensity by 70%.
• As part of our reduction strategy, we have invested $850,000 in our offices to install solar panels and other green initiatives.

You can find out more about the Finder Green Awards here: https://www.finder.com.au/finder-awards/green

We’ve been named one of the '2023 World’s Most Ethical Companies’

 

 

Teachers Mutual Bank Limited has been named one of the World’s Most Ethical Companies^® for the tenth year in a row since first receiving the honour in 2014.

The World’s Most Ethical Companies (WME) evaluation is based upon the Ethisphere Institute’s Ethics Quotient (EQ) Survey which offers a quantitative way to assess a company’s performance in an objective, consistent and standardised manner. The recognition honours superior achievements in transparency, integrity, ethics and compliance, and underscores an honouree’s commitment to leading with integrity and prioritising ethical business practices.

135 companies were named as the 2023 World’s Most Ethical Companies spanning 22 countries and 45 industries. The full list of honorees for 2023 is available on the Ethisphere website.

Find out more about ethical banking

What does it mean to be a 2023 World's Most Ethical Company?

Our commitment is to be a world leading ethical business, and WME is one of the primary methods to measure this. As a member you can feel good that we’re acting in your best interests and care about the issues important to you.

How we demonstrate our commitment every day:

• We have been named as One of the World’s Most Ethical Companies for ten consecutive years 2014 – 2023, one of only four banks on a list of 135 companies.
• This recognition demonstrates the Bank’s ongoing commitment to global leadership, and honours companies demonstrating business integrity through best-in-class ethics, compliance, and governance practices.
• The assessment is rigorous and objective, and has more than 200 questions on culture, environmental and social practices, ethics and compliance activities, governance, diversity, and initiatives that support a strong value chain. 
• 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.
  
   

About the WME

The Ethisphere Institute is the global leader in defining and advancing the standards of ethical business practice. The World's Most Ethical Company assessment is based upon the Ethisphere Institute’s Ethics Quotient (EQ) framework and honours superior achievements in transparency, integrity, ethics and compliance. Scores are generated in five key categories: ethics and compliance program (35%), corporate citizenship and responsibility (20%), culture of ethics (20%), governance (15%) and leadership, innovation and reputation (10%).

The Global Alliance for Banking on Values (GABV) is a network of values-based banks from around the world committed to advancing positive change in the banking sector. GABVs’ membership consists of 53 financial institutions holding $173 billion of assets serving 41 million customers. At its heart, the GABV is a global network providing a unique space for collaboration for leaders who are committed to ethical and socially responsible banking practices.

The collective goal is to change the banking system so that it is more transparent, supports economic, social and environmental sustainability, and is composed of a diverse range of banking institutions serving the real economy. Members share a common goal: a shared mission to use finance to deliver sustainable economic, social and environmental development, with a focus on helping individuals fulfil their potential and build stronger communities.

Global Alliance on Banking on Values (GABV) commitments

GABV Principles of Values-based banking

We adhere to and support these principles which describe the fundamental pillars of values-based banking: 

• Triple bottom line approach at The heart of the business model
• Grounded in communities, serving the real economy and enabling new business models to meet the needs of both
• Long-term relationships with clients and a direct understanding of their economic activities and the risks involved
• Long-term, self-sustaining, and resilient to outside disruptions
• Transparent and inclusive governance
• All of these principles embedded in the culture of the bank

GABV Kathmandu Pledge

As a signatory to this initiative we commit to:

• Fostering long-term and integrated social, environmental and economic development in the communities and wider societies that we serve.
• Providing banking services to individuals and enterprises based on the Principles of Values-based Banking.
• Serving a vibrant and diverse mix of individuals and enterprises and being socially, environmentally and culturally conscious to contribute to the development, happiness and well-being of our stakeholders
• Being local, regional and global leaders providing progressive and visionary models for the renewal of the banking system through our actions
• Supporting innovative and continuous renewal and development in the real economy consistent with what our planet can support whilst placing people and human-based relationships at the core.

Tackling poverty

Teachers Mutual Bank Limited is proud to support CUFA’s Children’s Financial Literacy Project since 2016.

Early intervention is one of the most effective ways to create a sustainable future for economically disadvantaged children and their families. With CUFA’s Children’s Financial Literacy Program, we’re on track to help tackle poverty in Cambodia’s poorest communities.

The program increases the financial literacy of children and helps them develop strong financial habits from a young age.

In addition, the CFL Program includes a Teacher’s Workshop where CUFA staff train teachers at the target schools to deliver the program. This ensures program sustainability by reaching a greater number of children and allows for teacher capacity building and greater value for money in program delivery.

Our social impact over 7 years:

• 36,845 children have received financial literacy training, 19,507 children have started saving
• 809 teachers have conducted teacher 89 workshops;
• 2,361 financial literacy lessons held in 107 schools
• 2,372 home visits to 7,081 people were conducted
• The Banks’ total Social Return on Investment (SROI) is $2,961,000 from a cash investment of $329,000

About CUFA

CUFA is an international development agency that believes in order to alleviate poverty and create infinite value, we must provide the education and skills to effectively teach the poor how to manage their money. CUFA works to provide the poor with access to affordable financial services (village banks or credit unions etc.) so they can safely save for their future.

Reporting and publications

We undertake extensive measurement and reporting on our socially responsible banking performance to provide transparency and accountability. 

Further details are found on the Teachers Mutual Bank Limited website.

Learn more