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Irish Banking Culture Board agree new Guiding Principles for Change

Written In-House

Written In-House

6 September 2021: The Irish Banking Culture Board (IBCB) today announced a series of Guiding Principles for Change agreed by IBCB member banks.

Aligning with IBCB’s core purpose – to work with its member banks to build trustworthiness in order to assist the industry in regaining public trust – the principles were developed to ensure that relevant change projects in member banks are managed in line with IBCB’s overarching objective of promoting fair and transparent outcomes for customers and staff, underpinned by ethics and accountability.

Speaking about the Guiding Principles for Change, Chairman of the IBCB, Justice John Hedigan, said: “As an organisation, the IBCB is determined to facilitate change in the banking sector in Ireland. The recent findings of our 2021 éist Public Trust in Banking survey and our ongoing engagement with stakeholders’ points to the significant challenges that remain for the industry in regaining public trust.  It is clear that internal changes are occurring, demonstrated in the clear steps members banks have taken to address cultural change as evidenced in our survey of banking staff. The guiding principles for change further highlight the commitment of our member banks to ensuring change continues in support of the ambition of the IBCB.”

Chief Executive of the IBCB, Marion Kelly, added: “Our Guiding Principles are designed to facilitate cultural change and cover five categories of change including Behaviour and Culture; Corporate Citizenship; Communications; Structured Listening and Consultation; and Supports. Each of those areas cover the key pillars of cultural change and within each are commitments which our member banks will adhere to moving forward. We recognise that commercial decisions taken by our member banks may result in impacts on customer and staff cohorts. The Guiding Principles agreed to by all our member banks  will enable the IBCB to be informed and updated on member banks change programs and whether these are being managed in line with the IBCB’s overarching objectives of promoting fair and transparent outcomes for Customers and Staff, underpinned by ethics and accountability.

For more information or full details on the Guiding Principles go to www.irishbankingcultureboard.ie

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IBCB Guiding Principles for Change

September 2021 Introduction: In the context of the IBCB’s agreed purpose[1], the IBCB has developed a series of Guiding Principles (‘the Principles’) for its member