Credit unions rank first in Positive influence on society
Posted on: 07 Oct 2021
Credit Unions rank first in Positive influence on society for their commitment to their local communities
Ireland Sustainability RepTrak® 2021 study
Credit Unions have been ranked first in Positive influence on society in the Ireland Sustainability RepTrak® 2021 study announced by The Reputations Agency and The RepTrak® Company on Wednesday 6th October. Credit Unions were praised for their commitment to their local communities, acknowledging the trust that over 3.6 million members place in their local Credit Union and appreciating their friendly, understanding and people focused approach.
Credit Unions were placed second in the overall results with an excellence score of 81.4. St. Vincent’s Hospital took the top spot while An Post took third place in the overall study.
Credit Unions placed first in all three Governance attributes within the Sustainability performance in the study, where they were recognised as a cornerstone of local communities, powered by communities for communities and trusted by the people they serve.
The results of the study, consolidate credit union’s position as the most highly regarded financial services organisation in the Ireland having also placed second in the overall RepTrak® 2021 report back in May.
This is the ninth annual study of Sustainability reputations in Ireland, ranking 100 of the largest, most familiar, and most important organisations in Ireland by the public’s perceptions of their performance across the three Sustainability dimensions of Citizenship, Governance, and Workplace. The independent study was carried out by The Reputations Agency and The Reptrak® Company.
Speaking about the achievement, ILCU President, Helene McManus said: “We are very proud of the achievement and it is a testament to all credit unions to have been ranked so highly in the RepTrak® Sustainability Index 2021 especially placing first in the Positive influence on society. Credit unions are member owned, community-based financial institutions, rooted in their local communities where they embrace community involvement.”
Speaking about the results, Niamh Boyle, Managing Director, The Reputations Agency said: “We know cutting through makes smart business sense. Businesses want to work with organisations that demonstrate a commitment to SDG goals and science-based scope targets. Consumers are willing to pay a premium for more
Sustainable goods and services. And, while doing nothing is simply no longer acceptable, society is also more and more cynical about Sustainability goals and strategies, questioning their authenticity and whether they will bring about sufficient change.”
The Ireland RepTrak® Sustainability Index 2021 study asked 6,500 members of the public to rate how well they felt 100 organisations performed across three dimensions and nine attributes; measuring the degree to which they are seen to act responsibly towards their communities and the environment in which they operate, ensuring that that their businesses are responsibly run, and treating their staff well. The online survey also asked members of the public to name examples of what companies do to make them a good corporate citizen. The study found that the more genuine and authentic an organisation is in its activities and its communication, the higher their Sustainability reputation.