To help achieve our goal of integrating sustainability across the business and consistent with our obligations as a signatory to the United Nations Environment Programme Finance Initiative bankmecu has developed a sustainability strategy.
The strategy takes the form of a Sustainability Covenant, which we are signatories to with the Victorian Government, through EPA Victoria (the state environmental regulator).
bankmecu's first Sustainability Covenant, developed over an 18 month period through a series of staff workshops, was signed on 29 June 2005. A second Covenant was signed in June 2008.
The Sustainability Covenant is an agreement between the Victoria Government and bankmecu to work together to protect the environment and contribute to a more sustainable society. The agreement is made in accordance with provisions of the Environment Protection Act 1970.
The objectives of the Covenant 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 our products and services;
- encourage and assist our customers to live more sustainable lives;
- apply prudent financial business practices to our operations, to ensure economic and financial sustainability; and
- support developments within the finance sector that encourage others to embrace sustainability.
The Covenant focuses on five key areas, which have been derived from bankmecu’s purpose and values:
- ethics and governance
- employees
- social impact
- environmental impact
- leadership and partnerships
The Covenant has a three year time frame. Actions for each year of the Covenant are determined at the beginning of that year. The first year of actions has been developed, see Annex two of the Covenant. The actions focus on environmental and social initiatives as we believe that the other key aspects of sustainability are embeded within the organisation.
Implementation of the covenant is being overseen by a steering committee, which is made up of two representatives from both the EPA Victoria and bankmecu , of which at least one must be a representative from senior management.
bankmecu 's Sustainability Report acts as the key reporting mechanism for covenant implementation.
Click here to view the Sustainability Covenant 2008
In April and May 2010, bankmecu also became a signatory to the United Nations Global Compact (UN GC) and United Nations Principles for Responsible Investment (UN PRI), respectively. bankmecu’s current Sustainability Covenant is due to expire in June 2011 and as a result bankmecu will review its sustainability strategy this year to incorporate UN GC and UN PRI.
To view bankmecu's first Communication on Progress against the UN Global Compact submitted in April 2011, click here