In a significant event held at the prestigious House of Lords in Westminster, London, the mutual sector's influence and potential were brought to the forefront during the launch of an impactful study by the Social Market Foundation (SMF) in partnership with leading mutual businesses Nationwide Building Society and Royal London, titled "Mutuals Can Meet Public Demand for Responsible Business". Stephen Gill, the CEO, Ben Reid, the Chairperson, and Dame Pauline Green, a Director, represented Coop Exchange.
The study presents a thorough examination of Britain's mutual sector, offering insightful observations and recommendations on how mutuals can align with public expectations for responsible and ethical business practices. This research underscores the mutual sector's unique position to meet growing demands for businesses that not only prioritize profit but also societal and environmental responsibilities. It highlighted that “politicians should change rules to make it easier for mutuals to raise capital”, that “poor access to capital is a key challenge that not only prevents mutually-owned organisations from growing, but also heightens their risk of demutualisation” and that, “there is a need to go further to empower the sector with access to capital …. [by] introduc[ing] better financial regulation that can enable mutuals to access capital without having to sacrifice their principles”.
The launch event, graced by industry leaders and policymakers, provided a platform for deep discussions on the findings and implications of the SMF report. It emphasized the mutual sector's vital role in fostering a more equitable and sustainable economic landscape.
The report can be found here.