ethics plan for bankJuly 1999
Proposals for the creation of a stakeholder committee to monitor the Bank of Scotland’s ethical performance have been put forward in the wake of its decision to drop links with the US TV evangelist Pat Robertson.
The plans, presented to the bank by the Ethical Investment Cooperative (EIC) in Edinburgh, envisage a committee of customers, bank staff and investor representatives able to look at impending policy decisions for possible ethical pitfalls.
Guy Hooker, director of the EIC, said the committee could prevent future Robertson-style blunders and help restore the confidence of customers and investors.
A Bank of Scotland spokeswoman said the bank would be ‘delighted’ to consider the idea, ‘but we need to study the details first’.
The decision to set up a telebanking business with Robertson Financial Services (RFS) has proved costly. The bank has lost around 500 accounts and the price of severing the contract with RFS is believed to have been in excess of £10 million. EIC clients sold £1.5 million worth of the bank’s shares in protest.
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