The West Bromwich Building Society has been formally recognised as a responsible and caring business and employer, becoming the first financial services organisation to receive an official accreditation by the Good Business Charter.

The Good Business Charter seeks to acknowledge and encourage responsible business practice. The charter covers a range of criteria such as prioritising employee wellbeing, fair tax compliance, care for the environment, and treatment of customers and suppliers. The goal is to raise awareness of those businesses that take action and introduce initiatives to benefit communities and colleagues, rather than just being profit driven.

To qualify for the accreditation, firms must demonstrate commitment across 10 categories that include paying at least the real living wage, action on employee wellbeing, diversity and inclusion, sustainable practice and other CSR initiatives.

The West Brom impressed with is charity work, which recently saw the Society raise over £30k for the Midlands Air Ambulance to support the vital work the charity does in the region. The Society was also acknowledged for its industry leading approach to employee wellbeing and engagement, following the introduction of member and employee councils in 2019. The groups meet throughout the year to discuss Society matters and input into how the business is run.

Speaking about the accreditation, Jonathan Westhoff, Chief Executive of The West Brom, said: “As a building society, our core purpose has always been, and always will be, to help people become home owners and look after their finances. For over 171 years, we’ve helped countless people do just that. We’ve also supported many charities along the way and we take great care in looking after our colleagues, with wellbeing at work a key priority for us.

“We’re proud to be the first financial services company to be accredited by the Good Business Charter and would encourage others to commit to following the Charter. We are committed to being a force for good and conducting business responsibly to benefit both our members and our colleagues.”

Chairman of the GBC board, Simon Fox, said: “We are delighted The West Bromwich Building Society has become a member of the Good Business Charter and hope it will be the first of many in this sector. The Good Business Charter brings together 10 standards, most of which already exist, but in separate places. We have bought them together to give a coherent overall position for businesses to aspire to. We believe that the GBC has enormous potential to change business practice for good. We hope that because of its simplicity and cost effectiveness, it will quickly gain support.”