Provident has retained its platinum status in Business in the Community’s (BITC’s) annual benchmark of responsible business management, the Corporate Responsibility Index (CRI), for a fourth consecutive year.
Run by BITC, the CRI is one of the UK’s most in-depth voluntary benchmarks of corporate responsibility (CR) practice and performance. The platinum rating shows that Provident has, once again, been recognised for integrating CR into its business model and has clear CR responsibilities and incentive structures at board and operational levels. Platinum rated companies have a structured approach to data collection and social and environmental impact assessment and can demonstrate a number of years of CR performance improvement across key impacts, high level of transparency and stakeholder engagement.
Despite the ongoing economic challenges facing business, the 2013 CR Index paints a positive picture of levels of commitment to responsible business in the UK. Participating companies achieved a high average score of 89% indicating that companies are continuing to overcome commercial pressures to maintain their investment in and engagement with responsible business.
Peter Crook, Chief Executive, Provident Financial commented:
“We are immensely proud to have retained our platinum rating in the BITC CR Index for a fourth consecutive year. This achievement recognises our commitment to identifying and managing the social, environmental and economic issues that are relevant to our business activities, and to reporting our performance in these areas to our stakeholders in a transparent manner. It also provides recognition to our staff who are proud to work for Provident Financial and, through their endeavours, play an important role in embedding our CR programme across all areas of the business.”
Stephen Howard, Chief Executive, Business in the Community said:
“The CR Index tells us that, despite the complexities of this agenda and the tough economic challenges they’re facing, our leading companies are continuing to invest in responsible business and truly integrate it within their operations.
“I congratulate Provident Financial for achieving a platinum rating because it signifies a key step on the journey, a willingness to rise to the challenge and that they are part of a movement of responsible business in which all companies have their unique part to play. We look forward to working with, supporting and challenging Provident to build on this achievement as we, together drive the transformational change needed to deliver a sustainable economy.”
About Provident Financial
Established in 1880, Provident Financial is the UK’s leading supplier of personal credit products to the non-standard lending market. It is a FTSE mid-shares 250 company listed on the London Stock Exchange. Provident has 3,786 employees and 9,800 self-employed agents who provide tailored credit products to 2.7 million non-standard borrowers in the UK and Ireland. Our home credit business has been providing small loans, issued in the home and collected weekly, since 1880. Vanquis Bank issues credit cards to people often excluded by mainstream card issuers. The Bank also provides competitive retail deposit accounts for savers. Provident’s commitment to corporate responsibility is enshrined in it mission “to be the leading non-standard lender in the UK, acting responsibly in all its relationships and playing a positive role in the communities it serves.”
About the CR Index
BITC’s CRI is the UK’s leading voluntary benchmark of CR. It helps companies to integrate and improve CR throughout their operations by providing a systematic approach to managing, measuring and reporting on business impacts in society and on the environment. For over a decade the CR Index has inspired and challenged over 360 companies to continuously improve their impact on society and the environment. The CRI scores participating companies against the following areas of responsible business, Corporate Strategy, Community Management, Environmental Management, Marketplace Management, Workplace management. Environmental Impact and Social Impact. This year over 100 companies participated publicly.
BITC stands for responsible business. It is a unique business movement of 850 member companies - the largest business-led charity of its kind - committed to building resilient communities, diverse workplaces and a more sustainable future. It works locally, nationally and internationally with members to transform businesses and transform communities. It believes that responsible leadership is the ability to balance doing both.
BITC asks its members to work with it on specific campaigns that make a difference in the workplace, marketplace and community. And it offers a range of services that challenge, support and inspire members and help transform their businesses.
BITC is one of The Prince’s Charities, a group of not-for-profit organisations of which The Prince of Wales is President. For more information, go to: www.bitc.org.uk.