Strengthening Communities: Vancity Publishes 8th Integrated Annual Report
Vancity’s latest integrated Annual Report, Strengthening Communities, shows how Vancity exists solely for the benefit of our members and the communities in which they live and work. It can be viewed at annualreport.vancity.com.
Incorporating Vancity’s support for the United Nations Sustainable Development Goals, the annual report transparently outlines progress against key organizational targets and commitments. It showcases Vancity’s work with stories about issues including local business, environmental sustainability and support for refugees.
The report provides examples of challenges that Vancity faced in 2017 as a values-based financial institution. With an increasing lack of affordable housing options in Vancity’s operating region, the report explores how Vancity can help members negotiate rising rates and tighter mortgage rules. It also outlines Vancity’s efforts to develop digital technology that is not just convenient but provides long-lasting benefits to members and communities. Finally, the report covers Vancity’s efforts to support and inspire employees through a period of fundamental change at the credit union.
Highlights in the 2017 report include:
- Vancity’s assets plus assets under administration, which reached $26.4 billion, a 3.4% increase, or $858.7 million, over 2016.
- A new scorecard measure called triple bottom line assets under administration, which shows that 23% of the credit union’s assets are specifically invested in building healthy communities
- Above-expected net income of $91.8 million will allow Vancity to allocate $27.5 million (or 30% of net earnings) to members and communities in 2018.
Based on readers’ feedback, the report has more graphics, illustrations and pictures than in previous years. Vancity has included the most significant information in its Annual Report, supplemented by additional sustainability information in the Consolidated Accountability Statements.
The report was prepared in accordance with the International Integrated Reporting Framework and the new Global Reporting Initiative Sustainability Reporting Standards, Core option. Vancity has its adherence to the AA1000 principles and key data in the report externally assured.
Vancity is a values-based financial co-operative serving the needs of its more than 525,000 member-owners and their communities in Coast Salish and Kwakwaka’wakw territories, with 59 branches in Metro Vancouver, the Fraser Valley, Victoria, Squamish and Alert Bay.
As Canada’s largest community credit union, Vancity uses its $26.4 billion in assets and assets under administration to help improve the financial well-being of its members, while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
Vancity is carbon neutral, a living wage employer and a member of the Global Alliance for Banking on Values.
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