VanCity targets suppliersDecember 2002
A Canadian financial services business is to ensure all its suppliers conform to its ethical policy by the end of 2003.
Vancouver City Savings Credit Union each year places around US$69million (£43m) of business with 1500 suppliers – 96 per cent in Canada and the rest in the US.
It has begun training employees to apply the policy, which commits it to ‘actively seek suppliers that practice progressive employee relations, contribute to the wellbeing of their communities, and respect the environment’.
VanCity admits current standards of supplier monitoring against the policy ‘vary’, partly because purchasing is decentralized.
The pledge is one of 20 targets outlined in the business’s latest social and environmental report, which is verified by the Institute of Social and Ethical Accountability.
VanCity has also asked analyst firm Ethical Funds to begin assessing its investments to ensure that they comply with the policy.
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