Friends of the Earth
Action Briefing June /July 1999
|
Birmingham Friends of the Earth Action Briefing June /July 1999 |
Maybe... A report in the Guardian (March 17th, 1999) showed the Co-op Wholesale Society (CWS) to be supporters of genetically modified food and crops. They are actually involved in GM test crops working with Monsanto. Genetically modified herbicide resistant maize and oilseed rape are grown at two Co-op Wholesale Society farms.
When I inquired about this with my bank, the Co-op, I received a letter from Mr. Barry Clavin in their ethical department. Mr. Clavin explained that they have no policy on genetic engineering, and that they have no date for a policy review. Even if they wanted to, this review would take years to come about. It is amazing that they have a policy on chalk in flour and on sand in sugar but are actually promoting GM food and crops. Mr. Clavin goes on to explain that they "consider the corporate profile of all their customers." However, they deal with Monsanto, (in)famous for contaminating the world with Agent Orange, Bovine Growth Hormone, PCBs and Roundup - and the list goes on. (See "The Ecologist", vol.28 no.5, Sept/Oct 1998, "The Monsanto Files") How can anybody say that Monsanto are anywhere near ethical, let alone the head of the ethical unit at the Co-op Bank?
The Co-op Bank's ethics appear meaningless except as a business strategy which has seen their profits rise from £17m in 1993 to £53m in 1997. Whilst most people applaud the bank's strong stance on arms trade, the oil industry, rain forests, etc., these values do not spread to other parts of the same company. Co-operative Insurance Services owns about £300m of shares in arms exporting companies. The wholesale society has no problem selling cars, petrol and own brand products of exploitative farming. The CWS Undertakers may supply you with a coffin of Brazilian mahogany.
Let the Co-op Bank know what you think. Barry Clavin says in his letter, "you can always telephone me on my direct line (0161 829 5476) if you have any further questions." It is other banks with ethical and green investment policies who are losing out to semi-ethical banks, which is why I have decided to move my business away from the Co-op.