British Columbia’s largest credit union (By membership) Coast Capital Savings has continued to show loyalty to their customers and community.
There are several things that make Coast Capital Savings (CCS) stand out among credit unions in BC. CCS is dedicated to donating seven percent of pre-tax profits to community, while still offering completely free services that help Canadians save, manage, grow, and protect their assets. CCS offers opportunities to youth (both citizens and employees) with the goal of creating skills and offering experience for leadership rolls, while empowering them to make decisions that can positively affect their communities. Together with UBC’s Sauder school of business the credit union has created the iHub, which sponsors ethical business entrepreneurs in the Vancouver area.
Coast Capital has been named one of BC’s top employers (2014) and in 2005 received the Ethics in Action Overall Leadership Award for Large Business. This contradicts Milton Friedman’s article: “The Social Responsibility of Business is to Increase Profits” where he claims that it is not possible to take social ethical responsibility as a business without taxing its stakeholders. CCS has found a balance to be both financially and socially successful. As an institution, Coast Capital’s mission is to “change the way Canadians feel about banking forever”. This is a standard other Canadian businesses should strive for in their respective fields.
More info:
CCS Community Report 2013: https://www.coastcapitalsavings.com/About_Coast_Capital_Savings/Corporate_Information/Corporate_Social_Responsibility/Citizenship_Report/?intcid=f_amp_bn_140808113141
Picture from: https://www.coastcapitalsavings.com/About_Coast_Capital_Savings/