Chairman’s remarks – Richard Meddings
The devastating impact of Covid-19 will undoubtedly impact our communities for many years to come and that’s why there’s never been a more important time for businesses to step up to the plate. During recent months, we have seen many examples of organisations behaving heroically to play their part in the national effort, although there are also others who have fallen short and have been rightly called out.
Benjamin Franklin, one of the founding fathers of the USA, noted that “it takes many good deeds to build a good reputation, only one bad one to lose it”. And in the coming months, I feel that the contributions and commitments that banks make are likely to determine their own reputations for years to come.
The TSB Board is firmly focused on key emerging issues including the impact of climate change, the diversity and inclusion agenda, the threat of digital poverty and the future role of businesses in local communities. The Do What Matters plan provides the framework to consider our plans to address these, encouraging urgent and appropriate action by the business.
By aligning the plan with the business strategy, it allows us to grow the business and our social and environmental contribution in tandem.
It also allows TSB to be more transparent on the progress we make in delivering against it and share the challenges we encounter. Given the scale of the post-Covid recovery, these are rightly ambitious, long-term plans. And bank of our size simply cannot deliver them alone.
Therefore, I am encouraged by the thorough stakeholder engagement undertaken to develop the plan, and I have taken part in some of the recent stakeholder discussions myself, and support finding the right partnerships in delivering them.
The Board have already committed to review progress on the Do What Matters Plan at every meeting from now on.
Finally, I’d like to pay tribute to the way the TSB partners have developed the Do What Matters plan. From the outset it has been a shared endeavour with colleagues across the business working closely with the Executive team to develop the right plan.
TSB remains a business with a strong social purpose. Having ownership of the plan throughout the business and everyone taking pride in its delivery will ensure we can fulfil this in the years to come.