Posted on 5-5-2002
UK
Bank Won't Invest In GE
LONDON - Britain's ethically-minded Co-Operative Bank said yesterday
it
would not do business with biotech companies involved in genetic
modification (GM) or cloning. The bank, which reported record
annual
profits last month as it reaps the rewards of ethical investment,
said the
decision reflected a change in its stance following consultation
with its
customers. "Our stance in genetic modification, which received
widespread
support amongst those polled, reflects our customers' genuine
concerns,"
said Simon Williams, director of corporate affairs. "They are
not
fundamentally opposed to it but they worry about the potential
impacts that
could arise from the application of GM technology."
The bank, whose roots date back to 1872, is part of the Co-Operative
Group,
one of Britain's oldest mutual societies whose services range
from grocery
shopping to funerals. The society was set up in northern England,
originally to enable low income households to buy good food
at reasonable
prices and to boost the purchasing power of the working class.
Co-Op Bank
has aimed to differentiate itself from its publicly-listed rivals
through
its ethical policy - a growth area in the UK - though it remains
a
relatively small player. It has three million customer accounts,
contrasting with Barclays Plc for example which has over 10
million UK
current accounts.
Co-Op Bank's ethical policy, adopted 10 years ago, states it
will not
invest in or provide financial services to organisations dealing
in areas
like the arms trade or blood sports, or organisations whose
policies it
feels may harm the environment. It will refuse services to biotech
companies involved in uncontrolled release of genetically modified
organisms into the environment, terminator technologies - these
prevent
crops from reproducing seeds - or cloning. Those it will do
business with:
firms that take a responsible approach to labour rights, those
involved in
recycling and promoting renewable energy, as well as charities.
A spokesman for the bank said it would not have to give up any
of its
existing biotech customers as a result of its new approach to
the sector.
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