On Monday, November 5th the two Australian members of the Global Alliance for Banking on Values – Bank Australia and Teachers Mutual Bank Limited – hosted an Executive Roundtable in Sydney, Australia to discuss how values-based banks (and businesses) could continue support and promotion of social purpose in our industry. This was our main event to note Banking on Values Day this year.
The event was hosted by Simon Longstaff. Simon is a global expert on ethical practice and conduct, having a long history of working with large financial institutions on embedding ethics. Present were senior Executives from both GABV member banks, superannuation funds, fund managers, insurance companies, social enterprise and non-government organisations.
This year has seen major ethical shifts impact the banking sector in Australia. The Royal Commission into financial services has revealed terrible malpractice at large, listed banks. Increasing shareholder and consumer activism has focussed on banks that don’t rule out harmful environmental business. This is occurring on a backdrop of increasing levels of distrust in our sector.
Nevertheless, many in conversation were positive about the role that values-based banks could play in the current landscape. Many highlighted the member-focussed model of the credit union sector as vital for a robust accountable culture. Those around the table also agreed that values-based banks that put customers first are set up well to promote values publicly and champion best ethical practice.
After this highly informative discussion, participants were gifted with a copy of Joel Solomon’s book Clean Money and a Teachers Mutual Bank Limited ‘keep cup’.
Bank Australia and Teachers Mutual Bank Limited are proud to keep supporting Banking on Values day in Australia, we’d like to thank the participants and the GABV network for their continued support.