Teachers Mutual offers ethical short-term deposits
All future wholesale short-term deposits from Teachers Mutual Bank will be certified as ethical by the Responsible Investment Association Australasia (RIAA).
“Now, every new mortgage or deposit with us is certified as responsible. It doesn’t matter whether it’s a 30-year home loan or a 30-day wholesale deposit,” Teaches Mutual Bank CFO Glenn Sargaent said.
“No other financial institution in Australia can guarantee this. This is a tremendous achievement for us as it’s the culmination of something we’ve been working towards for many years,” Sargaent said.
“Our aim is to be the most socially responsible bank in Australia – it’s something that’s very important to us and we know it’s also very important to our members.”
The short-term deposits were certified as ethical by the RIAA according to the strict operational and disclosure practices required under the Responsible Investment Certification Program.
It also excludes investments in 14 different categories including tobacco, gambling, armaments, fossil fuels or any large-scale greenhouse polluting activities.
Indeed, the mutual bank has been among the pioneers in ethical investment.
Not only have all it retail mortgages and deposits received the ethical stamp of approval by its $500 million debt issuance program for wholesale investors in 2014 was also ethically certified.
It is also the only Australian company to have been recognised by the Ethisphere Institute as one of the World’s Most Ethical Companies every year since 2014.