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Oct 15: Vancity's Social Accountability Report

Vancity's Social Accountability Report Continues Longstanding Tradition of Corporate Governance Leadership

Vancouver, October 15, 2002 - Continuing its longstanding position as a leader in Canadian corporate transparency, Vancouver City Savings Credit Union (Vancity) has released its latest Accountability Report. Similar to a financial audit, the report offers an exhaustive, externally verified audit of its social and environmental performance.

As companies scramble to prove that they are ethical in the wake of widespread corporate scandals, Vancity has been taking a triple bottom line approach to its business - measuring financial, social and environmental performance and reporting these results - for years.

In addition to publishing its annual report, Vancity has also rigorously audited and reported its successes and challenges against its social, environmental and economic performance every two years for the past half-decade. In fact, Vancity's report is one of only a handful of externally verified social reports in Canada.

To strengthen the process, Vancity has developed commitments to be measured against. These commitments guide business decisions and help measure progress. Its latest report openly documents areas of strength, as well as areas where targets are not met. It makes business decisions for the coming year based on the audit findings and makes action plans for improvement.

"This is important for us. To scrutinize our social performance and communicate these results to our members reinforces the trust they have in us," says Vancity CEO Dave Mowat. "We know that our core purpose - to work with people and communities to help them thrive and prosper - can only be achieved if we are completely transparent and can truly prove that we are striving to live our values."

Vancity's 2000-2001 Accountability Report can be viewed at in either HTML or pdf format. For a copy of the report please visit a Vancity branch or contact 604-877-4914.

Vancity is Canada's largest credit union, with $7.5 billion in assets, 282,000 members, and 39 branches throughout Greater Vancouver, the Fraser Valley and Victoria. Vancity owns Citizens Bank of Canada, serving members across the country by telephone, ATM, and the Internet. Both Vancity and Citizens Bank are guided by a commitment to corporate social responsibility, and to improve the quality of life in the communities where we live and work.