Case study: How Ecology works with its clients and customers to encourage sustainable practices
As a building society, Ecology offers loans secured by residential properties. Ecology is owned by its Members—those who borrow and save with the society—and is accountable to them while considering their broader interests. Operating throughout the UK, Ecology primarily serves individuals (both savers and borrowers), community groups, small-scale developers, social enterprises, and charities. Ecology is a signatory of the Principles for Responsible Banking (PRB) and is, accordingly, working with its clients and customers to encourage sustainable practices and enable sustainable economic activities. Tweet This!
This case study is based on the Third PRB Progress Report by Ecology, prepared in relation to its implementation of the PRB, that can be found at this link. Through all case studies we aim to demonstrate what ESG/ sustainability reporting done responsibly means. Essentially, it means: a) identifying a company’s most important impacts on the environment, economy and society, and b) measuring, managing and changing.
Which Principles for Responsible Banking have been addressed?
The Principles for Responsible Banking addressed in this case are:
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- Principle 3: Clients and Customers
- Principle 4: Stakeholders
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With this case study you will see:
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- How Ecology proceeded with stakeholder identification and consultation, and
- How Ecology worked with its clients and customers to encourage sustainable practices and enable sustainable economic activities
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Stakeholder identification and consultation
Please describe which stakeholders (or groups/ types of stakeholders) you have identified, consulted, engaged, collaborated or partnered with for the purpose of implementing the Principles and improving your bank’s impacts. This should include a high-level overview of how your bank has identified relevant stakeholders, what issues were addressed/results achieved and how they fed into the action planning process.
Activism is one of Ecology’s five core values. By collaborating with stakeholders and partners, Ecology can generate positive impacts that extend beyond its lending activities.
Ecology engages with various partners to advance its mission across three main themes: Ethical finance, Sustainable homes and communities, and Addressing the climate and ecological emergency.
For instance, Ecology is aiding the expansion of community-led housing in the UK by sharing knowledge in partnership with the National Community-led Housing Network and UK Cohousing.
Ecology strives to collaborate with organizations and groups that share its beliefs and with whom there is a synergy of interests or activities. These partnerships ensure that Ecology remains connected to the communities it serves. Many of these partnerships are long-standing, but Ecology continuously reviews and refreshes them as its ecological mission evolves.
How did Ecology work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?
In its Third PRB Progress Report Ecology reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:
As a building society, Ecology is owned by its Members, who are also its customers. Ecology’s mandate is derived from its membership, with the primary purpose outlined in the Memorandum and Articles.
In accordance with the Building Societies Act, Ecology operates on a one-member one-vote basis. Members significantly influence Ecology’s approach by, for example, guiding it through its Ethics Panel, participating in Member surveys, attending Member’s Meet-ups, engaging with Directors, and voting at Ecology’s Annual General Meeting.
In 2021, Ecology conducted a Member Consultation to inform the development of its 2030 Strategy. 750 Members participated, providing invaluable insights to guide Ecology’s strategy.
Ecology is committed to ethical behaviour in all its activities towards all stakeholders, including Members, potential Members, staff, directors, partners, and suppliers. Ecology has an Ethics Policy and Framework to ensure that good outcomes are considered and monitored across all its activities. Ecology regularly communicates with Members by, for example, sharing case studies in its newsletters, keeping them informed of the positive impacts they are creating.
UN Principles for Responsible Banking: Accelerating a positive global transition for people and the planet
With over 300 signatory banks representing almost half of the global banking industry, the Principles for Responsible Banking are the world’s foremost sustainable banking framework. Through these Principles, the banking community takes action to align core strategies, decision-making, lending and investment with the UN Sustainable Development Goals and international agreements such as the Paris Climate Agreement.
FBRH Principles for Responsible Banking (PRB) Assurance:
First class PRB assurance services: The result of solid, hands-on ESG/ Sustainability experience
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- FBRH is a GRI Certified Training Partner (Global), ISEP Training Centre and a member of CPD.
- FBRH builds trust. Over 200 reviews from top professionals from around the world demonstrate our ability to build strong, trusting business relationships.
- FBRH possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.
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The combination of all the above empowers FBRH to provide first class Principles for Responsible Banking (PRB) assurance services.
References:
This case study is based on published information by Ecology, located at the link below. For the sake of readability, we did not use brackets or ellipses. However, we made sure that the extra or missing words did not change the report’s meaning. If you would like to quote these written sources from the original please revert to the following link:
https://www.ecology.co.uk/wp-content/uploads/2023/04/3rd-PRB-Report-March-2023.pdf
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