The Cooperative Group has announced its ethical screening plans for the next three years in which it plans to now screen all of its insurance investments. These investments that underpin its key insurance products amount to around £1 billion and so represent a significant new inclusion in the Cooperatives ethical operating plan. Where screening is not possible the UK-based mutual says it will continue to ensure that its engagement with investees is “the most active, assertive and transparent of UK institutional investors”.
The Co-op Bank has also announced its intention to increase its lending in the area of energy efficiency and renewables from £400 million to £1 billion, in the hope that it will encourage a “revolution” in community-owned renewable energy generation.
The Cooperative has a history of ethical trading and has a long established reputation thanks to its ethical code of practice. This code still sets the standard for many in the industry and so the inclusion of insurance investments in this practice will help further their own high ethical business standards.