Case study: How Innovation FCU promotes a culture of responsible banking among its employees

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.

Innovation FCU, as a member-owned co-operative, prioritizes engaging and collaborating with stakeholders to shape its future and community initiatives. The next phase involves integrating the principles of responsible banking into these consultations and establishing a formal process to involve stakeholders in discussions and action plans related to sustainability, as outlined by the PRB.

Currently, stakeholder groups engaged and consulted by Innovation FCU include:

Members: Innovation FCU conducts member research and feedback surveys throughout the year. Its high level of community engagement, giving, and opportunity creation has fostered positive social equity in sustainability efforts.

First Nations Leaders: The executive team and board members have been building relationships with First Nations Leaders and communities to understand their unique challenges, including issues related to remote and northern locations, community needs, perceptions of money, financial education, environmental and cultural preservation, economic growth, and specific claims. Partnerships are being developed with ‘the next seven generations’ in mind.

Third Parties: Innovation FCU collaborates with various organizations to amplify its impact. These include the Gabriel Dumont Institute, Saskatchewan Indigenous Economic Development Network, Indigenous Wealth Financial, First Nations Carbon Summit, AFOA Canada, Saskatchewan Solar Co-Op, and many others.

CCUA: The Canadian Credit Union Association serves as a valuable partner and stakeholder, with multiple working groups focused on sustainability. Through these groups, Innovation FCU shares and learns from other Canadian credit unions’ approaches to sustainability and evolving regulatory requirements.

The next step for Innovation FCU is to intentionally incorporate discussions around its areas of impact and targets with these stakeholder groups.

How does Innovation FCU promote a culture of responsible banking among its employees?

In its 2023-2024 PRB Self-Assessment Report Innovation FCU reports that it took the following actions to promote a culture of responsible banking among its employees:

Innovation FCU’s Code Book is rooted in Responsible Banking. It serves as the primary internal document and philosophy that shape and uphold the organization’s culture. Every employee participates in the ‘Innovation Experience,’ a dedicated in-person training session and workshop focused exclusively on Innovation’s culture, core values, and dedication to responsible banking. In addition to the Innovation Experience, all staff are required to complete the Four Seasons of Reconciliation course, which offers a comprehensive, tailored anti-racist education aligned with the Truth and Reconciliation Commission’s 94 Calls to Action. Innovation FCU has also hosted a series of Indigenous lunch and learn sessions featuring external presenters.

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 possesses a unique skill set that combines ESG/sustainability certified training, experience in advisory services and report preparation, and ESG/sustainability report assurance.

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 Innovation FCU, 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.innovationcu.ca/content/dam/innovationcu/en/resources/2023-principles-responsible-banking-self-assessment.pdf

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