LONDON, March 1, 2016 (GLOBE NEWSWIRE) -- Libro Credit Union today announced it is sharing a new Social Purpose Assessment Tool across the credit union industry to assist credit unions in strategic planning, operations and management. Credit unions can use this social purpose scorecard to know where they stand against best, leading and next practices in social purpose, corporate social responsibility and values-based banking. More importantly, the scorecard also suggests practices credit unions can adopt to increase their positive impact and enhance their social purpose mission.
"We wanted to get a better sense of where we are today in the social purpose journey and how best we could take an innovative approach as we begin to fully embrace social purpose as our business model," said Steve Bolton, Libro Credit Union President, CEO and Head Coach. "We commissioned the development of this tool to help shape Libro's strategic roadmap and to help others in their journey. The tool proved very useful in understanding the ways we can create shared value for Libro Owners, staff, community and the environment, while carrying out our vision of growing prosperity in southwestern Ontario."
"Credit unions are inherently responsible co-operative financial institutions, making significant social, environmental and economic impacts in communities across Canada," said Martha Durdin, president and CEO, Canadian Credit Union Association. "Thanks to the contribution of Libro Credit Union and members of the national Credit Union Social Responsibility Committee in the development of the Social Purpose Assessment Tool, Canada's credit unions can more strategically advance social and environmental responsibilities as a business priority at their credit union."
The tool's baseline assessment paves the way on what actions are required in advancing to higher levels of purpose and impact. It provides a snapshot of the credit union's present landscape and establishes benchmarks of a desired future state for the next three, five or 10 years.
"This assessment tool can be used by any credit union as a practical approach to understanding the benefits of putting social responsibility and purpose at the heart of corporate strategy," said Vern Albush, Director, Corporate Social Responsibility, Servus Credit Union. "It has particular relevance to the work we do now and provides a clear path to creating shared value for all stakeholders."
The Social Purpose Assessment Tool is available at libro.ca.
About Libro Credit Union
Libro is Ontario's third largest credit union with $3.6 billion in assets under administration and more than 100,000 Owners across southwestern Ontario. As a co-operative financial institution with more than 70 years of history, Libro supports the well-being of people, businesses and communities by providing high-quality financial coaching and profit sharing. Recognized as a 2016 Platinum Level Aon Best Employer in Canada, Libro is proud to support The Prosperity Project, which aims to grow prosperity in southwestern Ontario by mobilizing and inspiring collaboration, strengthening the financial health of people, families and businesses, and investing in our communities to help the region prosper together. Libro offers a full range of financial products and services for consumers, businesses and farms, including savings and chequing, investing, and borrowing. Great service can be experienced through 31 branches, online, telephone, mobile devices and a network of 4,000 ATMs across Canada. For more information, visit libro.ca/media.