26 September 2012 — Teachers Mutual Bank has won the 2012 Sustainability Award at Mutuals 2012, the Abacus AM Institute Convention.

The awards were held on 25 September.

The bank is one of just three mutuals of the 100-strong Abacus membership to receive an award this year.

The award recognises Teachers Mutual Bank’s achievement of a bronze rating earlier this year in the international Corporate Responsibility Index, published in the London Financial Times.

The CR Index is a leading business benchmark that provides a systematic approach to managing, measuring and reporting on responsible business practice.

Teachers Mutual Bank chief executive officer Steve James said as a mutual bank, the organisation believed profit had a purpose.

“We don’t pay dividends to shareholders, instead reinvesting profits to help us deliver competitive rates, fairer fees, responsible lending, personalised service and to support our members’ communities,” he said.

Mr James said earning a bronze rating in the CR Index was a significant achievement but the organisation was aiming for a silver rating next year.

Abacus chief executive officer Louise Petschler said the awards underlined the pride, passion and performance of management and staff at Australia’s customer owned banking institutions.