gurmeetgurinder CSR CASE STUDY #1 – 5% – TEAM B Immersive Reader Grade:N/A ? Due:…CSR CASE STUDY #1 – 5% – TEAM B
Immersive Reader
Grade:N/A
?
Due: Saturday, February 11, 2023 at 2:00 pm
Libro Credit Union
Head Office: London, Ontario
Number of full-time employees: 680
Sector: Financial
With over 35 locations and more than 680 employees Libro Credit Union (“Libro”) is the largest credit union in southwestern Ontario. They became B Corp certified in 2019. It is a financial co-operative, owned by its customers (members/owners).
Social Purpose
Libro Credit Union’s social purpose is “to grow prosperity in southwestern Ontario by transforming banking.” They are a financial institution that embraces a Prosperity Purpose – putting purpose beyond profit. They have a vision to integrate their social purpose across their direct operations. They conduct business and make decisions that have a positive impact on their owners (customers), communities in the southwestern Ontario region, and their employees. As Libro states “Being purpose-driven is not a program we run. It is an attitude we take in everything we do.”
Community Partnerships
To achieve their social purpose and make an impact in the southwestern Ontario region, Libro partners with Pillar Non-profit Network (“Pillar”) with the objective of making a direct investment in creating positive community impact. Identified by Libro as their most ingrained partnership, Pillar is a network that supports non-profits, social enterprises and social innovators by sharing resources, exchanging knowledge and creating connections across the three pillars of non-profit, business and government. Pillar and Libro are collaborating on an initiative to support the success of social enterprises. Libro subsidizes the rent on six work stations for social innovators within Innovation Works, a co-working incubator. Pillar chooses and provides technical support to these social enterprises to foster their success.
Libro is a strong supporter of VERGE Capital, a social finance program provided through a collaboration with Pillar, Libro Credit Union, London Community Foundation, Sisters of St. Joseph, SVX (Invest for Impact) and the Government of Ontario. VERGE Capital operates two social finance loan funds that provide capital to both new and established organizations across southwestern Ontario. The Verge Start-Up Fund provides loans to early stage social enterprises from $5,000 – $100,000 and the Break- through Fund focuses on affordable housing, community real estate and established social enterprises by providing loans in the $50,000 to $500,000 range. Libro provided start-up support and funding, including in-kind contributions such as loan review, administration, banking functions and risk absorp- tion along with a financial investment in the Breakthrough Fund. Their partnership extends a number of years into the future.
Libro provides grants, sponsorship and donations that encourage social innovation and impact within southwestern Ontario. In 2020, Libro updated its granting pillars to include employment, financial resilience, local food accessibility and housing – they are also now Libro-wide pillars not just community
CASE STUDIES: LIBRO CREDIT UNION investment pillars. As enterprise pillars, these four focus areas will influence how business units across the credit union set priorities and advance their work.
Overall Libro’s investments support their objective of “Local investment for local impact to strengthen
the region.”
Social Innovation
Libro’s journey to fully embrace and embed a social purpose as a corporate business model was strengthened through the development of their Social Purpose Assessment Tool.
Social Purpose Assessment Tool (see link)
To better understand how to develop a social purpose business model, Libro commissioned
the creation of a Social Purpose Assessment Tool. This social purpose scorecard enabled Libro to identify gaps and opportunities to advance their social purpose. They published the tool
to help other credit unions build social purpose in their strategic planning, operations and management. Credit unions can use the assessment tool to evaluate where they stand in comparison to others with respect to corporate social responsibility and values-based banking. They can use the insights to integrate social purpose into their own business model.
INSTRUCTIONS:
Tell the story of your chosen company in terms of how they built CSR in their companies.
What was unique? How did they do it?
Research the company on the internet and provide interesting details of their CSR contributions.
GUIDELINES:
-5-7 slides in total
BusinessBusiness – Other
