Innovation is proud to announce the release of its latest study, "Member Perspectives on ESG: An In-Depth Analysis", which provides a comprehensive look at the perceptions of Innovation members and the general public on Environmental, Social, and Governance (ESG) policies. Conducted by Insightrix Research, the survey involved over 1800 participants, including both members and non-members, to gauge the importance and performance of ESG policies at Innovation.

Key Findings

The findings of the study indicate widespread support for ESG policies, with significant insights into each of the three pillars: Environmental, Social, and Governance.

Environmental Pillar

A substantial portion of respondents emphasized the importance of sustainability and environmental protection. Key policies such as recycling, reducing waste, and going paperless received strong support:

• 33% of Innovation agriculture and business members have implemented or are implementing environmental policies.
• 71% of respondents prioritized waste reduction, followed by 67% for energy efficiency, and 65% for energy conservation.

Social Pillar

Social policies garnered strong support for employee well-being, fairness, and community engagement. Highlights include:

• Confidentiality of personal information and equitable treatment of employees were top priorities.
• 78% of survey respondents rated supporting local communities and events as an important priority.

Governance Pillar

Governance policies garnered broad support. Respondents valued qualities such as trustworthiness, transparency, and effective risk management:

• 43% of respondents stated that governance policies were very important.
• The most important governance policies noted by respondents were being a trustworthy organization, having strong cybersecurity practices, and operating in the customers’ best interest.

“Cooperatives have seven guiding principles that focus on membership and community,” says Vishnu Singh, Innovation’s VP Growth & Member Experience Marketing. “A study such as this one should make us consider adding an eighth Cooperative Principle focused on environmental stewardship. We can create economic opportunities that contribute to the health of our planet. Implementing ESG-centric governance and processes helps everyone and truly makes us a stronger credit union. The report really outlines a strategic path forward for us.”

This report relies on the participation of Innovation’s membership and the general public.  “We greatly appreciate our members’ feedback and look forward to more surveys of this nature to uncover their needs and any financial literacy or governance gaps we can help to fill.”  

Vishnu Singh presented the ESG study at the Canadian Credit Union Association’s (CCUA) 2024 Financial Forum in Whistler, BC on October 8^th. The forum connects credit union professionals to gain insights on some of the challenges and opportunities facing the financial services industry.