Announcing the Launch of Our Materiality Benchmarking Report

We are announcing the launch of the Canadian Credit Union Materiality Benchmarking Report, a pivotal initiative aimed at guiding Canadian credit unions through the rapidly evolving landscape of Environmental, Social, and Governance (ESG) considerations. This report is a testament to our commitment to fostering sustainable growth and resilience within the credit union sector.

Background

In an era where members, consumers, regulators, and the broader public are increasingly focused on the social and environmental impact of their financial institutions, understanding and integrating ESG factors into our operations is no longer optional — it’s imperative. Recognizing this need, the Canadian Credit Union Association (CCUA), in collaboration with Delphi, a leading consultancy specializing in ESG, embarked on a journey to develop a comprehensive framework that evaluates ESG topics relevant to credit unions of all sizes.

Our Approach

The Materiality Benchmarking Project was designed to capture a wide spectrum of ESG concerns pertinent to the credit union sector. Through extensive research, stakeholder engagement, and collaboration, we identified key material ESG topics and best practices, particularly focusing on mid-sized and smaller credit unions. This approach ensures that our findings are both actionable and accessible, enabling credit unions to navigate ESG risks and seize opportunities to support their communities more effectively.

Report Highlights

The report unveils a diverse array of ESG practices and levels of integration across the sector, showcasing the unique position of credit unions to lead in sustainability and social responsibility. Key findings include:

• The imperative for credit unions to incorporate ESG considerations into their governance, strategy, and risk management processes.
• The necessity of developing baseline metrics for material ESG topics and setting clear, time-bound targets.
• Recommendations for the sector to deepen ESG engagement, enhance transparency, and promote sustainability achievements.

We encourage all stakeholders within the credit union ecosystem to delve into the Materiality Benchmarking Report to discover invaluable insights and guidance on embracing ESG practices. The full report is accessible below, providing a roadmap for aligning operational and strategic goals with our core values of social responsibility and sustainability. CCUA members are invited to collaborate by commenting or asking questions to deepen their understanding of ESG issues.