Sustainability Covenant
bankmecu’s Sustainability Covenant with the Victorian Government, through the Environment Protection Authority of Victoria (EPA Victoria) focuses on five key areas, which have been derived from bankmecu’s purpose and values:
- ethics and governance
- employees
- social impact
- environmental impact; and
- leadership and partnerships.
The voluntary Covenant has a three-year time frame. Actions for each year of the Covenant are determined at the beginning of each year. bankmecu’s first Covenant agreement expired at the end of 2007/08. bankmecu re-signed a new Covenant agreement in 2008 that was extended to 30 June 2011.
The objectives of the Sustainability Covenant with EPA Victoria are to:
- increase the efficiency with which bankmecu uses resources to develop and deliver its products and services
- help to alleviate negative environmental and social impacts through products and services
- encourage and assist customers to live more sustainable lifestyles
- apply prudent financial business practices to bankmecu operations to ensure economic and financial sustainability; and
- support developments within the finance sector that encourage others to embrace sustainability.
Actions focus on environmental and social initiatives. Economic aspects of sustainability have already been embedded within the organisation’s corporate strategy. Implementation of the Covenant is being overseen by a Steering Committee. The Committee is made up of four representatives: two representatives from EPA Victoria and two from bankmecu. Each party has one representative from senior management.
The Annual Report acts as the key reporting mechanism for Covenant implementation.
As a result of changes within EPA Victoria, the Sustainability Covenant program will cease to exist once all current Covenant periods come to an end. bankmecu’s Covenant expired on 30 June 2011 and as a result bankmecu has not renewed the Covenant for a third time. bankmecu will report against commitments made through UNEP FI, UN GC and UN PRI in future reports.