recognises a need for a broader measure of 'progress' and common prosperity than economic growth alone. It considers that an accurate picture of its performance must integrate economic, social, environmental and governance reporting to better connect sustainable development with creating shareholder value. To achieve this, bankmecu
has committed to
commence work with the Net Balance Foundation to undertake development of an integrated reporting framework for 2011/12 reporting.
In the interim, bankmecu has moved towards integrated reporting for the 2010/11 financial year by producing one Annual Report including a Statutory Financial Report rather than separate Sustainability and Annual Reports.
bankmecu’s Annual Report is prepared in accordance with the Global Reporting Initiative (GRI) 2006 Guidelines. bankmecu’s 2010/11 Sustainability Report has been verified by a third party and awarded an A+ Application Level. The “Statutory Financial Report” section meets the requirements of the Corporations Act 2001 Australian Accounting Standards and has received an unqualified auditor's report.
bankmecu’s three year Sustainability Covenant with EPA Victoria and commitments made as a signatory to the United Nations Environmnent Programme Finance Initiative (UNEP FI), UN Global Compact (UN GC), UN Principles for Responsible Investment (UNPRI) and regulatory requirements helped shape the content of this Report.
bankmecu also undertook stakeholder mapping and engagement to determine and address material issues of importance. Key risks and opportunities were identified through senior management analysis of stakeholder engagement and emerging environmental, social, economic and political issues relevant to bankmecu.
Key risks and opportunities identified include:
- Competition in the marketplace
- Demonstrating how costumer value is created and distributed
- Impacts of climate change on bankmecu, customers and community
- Building the bankmecu Conservation Landbank
- Becoming carbon neutral
- Living up to sustainability promises and avoiding “green washing”
- Engaging a community of like minded people
- Responding to regional community issues
- Tackling housing affordability
- Developing an internal culture of engagement
- Continuing to demonstrate leadership in responsible banking
Feedback on last year's Report revealed 80% of respondents felt the bankmecu report is of equal or higher quality compared to other sustainability reports. The majority of respondents rated bankmecu’s coverage, completeness and performance of its material sustainability issues with regard to its economic, environmental, social and integrated performance as moderate to very good.