Case study: How Innovation FCU works with its clients and customers to encourage sustainable practices

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.

As a member-owned cooperative, Innovation FCU prioritizes engaging and collaborating with stakeholders to shape its future and its community efforts. Innovation FCU’s next step is to incorporate the Principles for Responsible Banking into these consultations and establish a formal process for engaging stakeholders in conversations and action plans around sustainability as defined by the PRB. Currently, Innovation FCU engages and consults with the following stakeholder groups:

Members: Innovation FCU conducts member research and feedback surveys throughout the year. Innovation FCU’s high level of community engagement, giving, and opportunity creation has led to positive social equity in terms of sustainability.

Board: The board has a Community and Member Relations committee. Management reports to this committee quarterly and collaborates with them to advance and report on CSR and ESG initiatives.

Innovation Nation (Innovation FCU’s People): Guided by its codebook and the internal mantra of Responsible Banking, Innovation FCU’s culture focuses on “doing the right thing.” In its smaller communities, Innovation FCU’s people act as its eyes and ears, providing continuous feedback on community issues. Innovation FCU dedicates funds and volunteer hours for its staff to invest in their communities.

First Nations Leaders: Innovation FCU’s executive team and board members have been building relationships with First Nations leaders and communities to understand their unique challenges, including those related to remote and northern locations, community needs, perceptions around money, financial education, environmental and cultural preservation, economic growth, and the pursuit of specific claims. Innovation FCU is forming partnerships with “the next seven generations” in mind.

CCUA: The Canadian Credit Union Association is a valuable partner and stakeholder with multiple working groups focused on sustainability. Through these groups, Innovation FCU shares insights and learns from other Canadian credit unions on how they approach sustainability and evolving regulatory requirements.

The next step for Innovation FCU is to deliberately integrate conversations around its areas of impact and targets with these groups.

How did Innovation FCU work with its clients and customers to encourage sustainable practices and enable sustainable economic activities?

In its 2022 and 2023 PRB Self-Assessment Report Innovation FCU reports that it works with its clients and customers to encourage sustainable practices and enable sustainable economic activities as follows:

Innovation FCU has always collaborated closely with the communities it serves to foster sustainability and prosperity, which is integral to its approach. Innovation FCU’s next step is to evolve and formalize these inherent practices to meet the requirements of the PRB, deepen its understanding of its impact areas, and achieve its chosen targets.

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

• • • FBRH is a GRI Certified Training Partner (Global), IEMA 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.

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/2022-principles-responsible-banking-self-assessment.pdf

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