The Co-operative Bank
P.O. Box 101
1 Balloon Street,
Manchester
M60 4EP
15 May 2015
To the Co-operative Bank
An open letter to the Co-operative Bank on executive pay
Hundreds of your customers have contacted you on the subject of the Chief Executive Niall Booker’s pay packet. News sources report that Booker’s pay could amount to £4.97m this year if targets are "exceeded".
To place this in the context of the pay packages of other bank chief executives in the UK:
The Co-op Bank has finally unveiled its new Ethical Policy - and the good news is that, in the words of an old TV ad, there’s “nowt taken out”.
That means as Co-op customers, we can still be sure our money isn’t going into arms for oppressive regimes, companies that abuse labour rights, animal testing of cosmetics, and the various other corporate misdeeds customers have told the bank to say “no” to.
The Co-op Bank’s consultation on its ethics is fast approaching. Save Our Bank supporters want to see bank use the upcoming ethics consultation as an opportunity to show it recognises the need to build trust, and to strengthen rather than weaken its commitment to ethics. Here are our five messages to the bank on what we would like to see in this consultation:
In July 2013 Sir Christopher Kelly was appointed to conduct a review into the failings that led to the problems in the Co-operative Bank in 2013, and so to its eventual take over by private investors and hedge funds.
The Save Our Bank campaign is calling on the Co-op Bank's Chief Executive not to accept the £1.7m bonus he has been promised if the bank's position improves. “The bank needs to take a lead and show that it is different from other banks,” said Shaun Fensom from the Save Our Bank campaign. “It can start by rejecting excessive pay deals.”
Co-operative Bank results make grim reading: Co-operative News, 15 April 2014
"Shaun Fensom of the Save Our Bank campaign urges customers to be forthright in their responses, while staying with the Bank through its crisis. “We believe that by sticking together we can hold the Bank to its ethical principles and ultimately help a return to co-op control,” he says. “If we leave then we ensure these things won’t happen."
The Co-operative Bank’s Greatest Hits
Amidst The Co-operative Bank’s financial problems and the scandals and political mudslinging of recent weeks, it’s easy to forget how much of an ethical pioneer the bank has been over the past twenty years or so, since it first launched its Ethical Policy. As an antidote to the cynicism, we present The Co-operative Bank’s Greatest Hits – a (very subjective) look back at some of the reasons the Save Our Bank campaign exists.
1. Launch of world-first customer-led Ethical Policy, 1992
The Save Our Bank declaration on The Co-operative Bank's Ethical Policy
MEDIA RELEASE FROM ETHICAL CONSUMER MAGAZINE
FOR IMMEDIATE RELEASE FRIDAY OCTOBER 25 2013
DON'T PANIC AND STICK WITH THE CO-OP SAYS SAVE OUR BANK
A new campaign is urging existing Co-op Bank customers not to move their accounts from the Co-op in an effort to ensure that the bank sticks to its ethical principles.
Many people are worried about what the Co-operative Bank will become now the hedge funds appear to have grabbed a majority share. Especially those who bank with the Co-op because of who it is and what it stands for. Many will have looked at the alternatives – Nationwide, Triodos. If customers quietly leave the hedge funds will plough on regardless. But if we speak as one, just the threat of many people leaving at once will focus minds.
That’s what this campaign is about. Step one is to get ourselves together in one place. This site aims to act as a rallying point.
info@saveourbank.coop
@SaveOurBank
@saveourbank
