LONDON, - Britain's ethically-minded Co-Operative Bank said on Wednesday it would not do business with biotech companies involved in genetic modification (GM) or cloning. The bank, which reported record annual profits last month as it reaps the rewards of ethical investment, said the decision reflected a change in its stance following consultation with its customers. "Our stance in genetic modification, which received widespread support amongst those polled, reflects our customers' genuine concerns," said Simon Williams, director of corporate affairs.
The Cooperative Bank's Statement on Genetic Modification
Welcome to our revised Ethical Policy
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Our revised policy represents the outcome of the consultation process that customers have had the opportunity to take part in over the last year. We have invited comments by post and e-mail, we have held focus group sessions with customers throughout the country and, in December 2001, we converted all our branches into ethical polling stations and sent out questionnaires with bank statements. Can we extend our sincere thanks to all of you who took the time to complete a questionnaire. We’re delighted by the degree of support you have shown for the policy; some 97% of you having indicated your full support for our policy and its contents. The need to periodically review our policy stems from our wish to ensure that it continues to reflect your views as accurately as possible. We live in a fast changing world, where new issues arise and the climate of opinion constantly shifts. That’s why, when we introduced our Ethical Policy in 1992, we made a commitment to regularly consult with you on how you wish to see your money invested.
Your current concerns
And that’s why you’ll see included in the Policy, a range of new statements that reflect your present views on a number of contemporary issues. We have detailed alongside each issue, the level of support that you registered for each statement. Thousands of you offered additional comments on the policy and its contents. In fact, more than one in four of you wanted to voice further opinion on the policy. Click here to view some of the more common issues raised.
This is the Ethical Policy of The Co-operative Bank and smile.co.uk. It is based on extensive consultation with our customers and reflects their ethical concerns about how their money should and should not be invested. It also informs our choice of partners and suppliers.
The figures which appear in bold denote the level of support registered for each statement in the 2001 ethical Policy Review.
Genetic Modification
We will not invest in businesses involved in the development of genetically modified organisms (GMOs), where, in particular, the following issues are evident:
source: http://www.co-operativebank.co.uk/ 1jun02
Thanks to the Natural Law Party Wessex for alerting mindfully.org to this wonderful news.
NATURAL LAW PARTY WESSEX
nlpwessex@bigfoot.com
www.btinternet.com/~nlpwessex
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