Accountability
Statements.
2022 Annual Report
Vancity 2022 Annual Report 2 Accountability Statements
Contents
Introduction ......................................................................................................................................... 3
People ................................................................................................................................................... 3
Service experience ......................................................................................................................... 3
Member satisfaction and member feedback ....................................................................... 3
Member profile and membership growth ............................................................................ 4
Helping protect members ............................................................................................................. 5
Financial health and inclusion ...................................................................................................... 8
Financial literacy and advice ................................................................................................... 8
Affordable housing ................................................................................................................... 8
Initiatives to improve access ................................................................................................... 8
Accessibility and inclusion in our built environment ......................................................... 11
Workforce diversity and pay equity ..................................................................................... 12
Employees ..................................................................................................................................... 15
Employee engagement .......................................................................................................... 15
Employee profile and turnover ............................................................................................. 15
Parental leave .......................................................................................................................... 17
Paying a living wage ................................................................................................................ 18
Performance management ................................................................................................... 19
Labour-management relations and human rights ............................................................ 19
Health and safety .................................................................................................................... 20
Planet .................................................................................................................................................. 21
The climate crisis .......................................................................................................................... 21
Vancity’s net-zero commitments .......................................................................................... 21
Operational greenhouse gas (GHG) emissions .................................................................. 23
Financed greenhouse gas emissions: scope 3, category 15 ............................................. 24
Progress on Vancity’s interim climate targets .................................................................... 24
Financed emissions removals and avoided emissions ..................................................... 24
Products and services to reduce GHG emissions .............................................................. 25
Materials and waste ............................................................................................................... 26
Water ........................................................................................................................................ 27
Responsible investment .............................................................................................................. 28
Ethical Principles for Business Relationships ..................................................................... 28
Profit .................................................................................................................................................... 29
Financial and economic performance ...................................................................................... 29
Key financial data and ratios ................................................................................................. 29
Clean revenue ......................................................................................................................... 31
Supporting local communities ................................................................................................... 31
Shared Success allocation to members and communities ............................................... 31
Business relationships and value chain .............................................................................. 32
Community impact loans ....................................................................................................... 33
Community grants .................................................................................................................. 33
Taxes paid and payable ......................................................................................................... 34
Governance ........................................................................................................................................ 35
Board of Directors ........................................................................................................................ 35
Examples of how we engage with our stakeholders ......................................................... 36
Risk Management ................................................................................................................... 37
Public policy and advocacy .................................................................................................... 39
Board remuneration .............................................................................................................. 40
Senior management and CEO compensation .................................................................... 40
Reporting principles and other information ................................................................................. 41
Reporting principles..................................................................................................................... 41
Material topics and determining report content ............................................................... 43
Material topics ......................................................................................................................... 43
Global Reporting Initiative content index ...................................................................................... 44
Sustainability Accounting Standards Board content index ......................................................... 52
Vancity 2022 Annual Report 3 Accountability Statements
Introduction
The Accountability Statements supplement our 2022 Annual Report. They contain
our management approach to material topics, data tables, explanations, and
notes. We selected the data and information based on its relevance to our
business strategy, interest to stakeholders, and effectiveness at demonstrating
our impact. We used standard disclosures from the Global Reporting Initiative’s
Sustainability Reporting Standards (GRI 1: Foundation 2021) where applicable,
including Financial Services Sector Supplement disclosures, as well as reporting
applicable disclosures from the Sustainability Accounting Standards Board (SASB)
and the Public Accountability Statements (PAS) disclosures called for in Canada’s
Bank Act.
We collect and manage accountability data using a web-based data management
system (UL360), which includes data quality controls. We choose to have key
performance data and information externally verified.
Throughout these statements, we refer to additional data and information
contained in the following documents. These are all available on
vancity.com/AnnualReport
:
• 2022 Annual Report
• Climate Report
• Principles for Responsible Banking (PRB) Report
• Consolidated Financial Statements
• Glossary
We have listed definitions of key terms at the beginning of each section. Where a
term is specific to a data table, we have included the definition as a footnote to
the table.
◆ = 2022 data has been verified by KPMG LLP
BM = external benchmark data
n/a = data not available
(xxx-x) = GRI Standards
(FN-XX-xxxx.x) = SASB Standards
(FSx) = GRI Financial Services Sector disclosures
(PAS) = Public Accountability Statement reporting requirements
People
Service experience (3-3)
Member satisfaction and member feedback
Member satisfaction (2-29)
We survey our personal members to measure their satisfaction with our products
and services. Through a ‘member experience tracking survey’, we learn about the
in-branch experiences of members who borrowed, invested, or opened new
accounts in branch in the previous week. This information is used to understand
and improve our performance. Through annual, post-transactional in-branch and
ad hoc surveys, we ask members for opinions on a range of other issues. We
review results by diversity (gender, age, disability, ancestry, low-income, etc.) to
help ensure we are meeting the needs of all our members and communities.
Our members primarily reach us through digital channels, rather than in
branches or our contact centre. Key outages (including a nationwide
telecommunications outage which affected members’ ability to conduct online
banking), member frustration with our banking app, and wait times, all influenced
member satisfaction in 2022.
2022
2021
2020
2019
2018
Member satisfaction with overall
service delivery
1
◆
%
48
50 56 53
1
53
Data source: Member relationship health survey.
The score represents the percentage of members who responded 9 or 10 out of 10 to the
question: thinking about everything that you have experienced with Vancity in the past 6 months,
how would you rate Vancity overall using a 10-point scale where “1” means “Poor” and “10” means
“Superior”. The margin of error was +/- 3%. 1.7% of surveyed answered “Don’t know.”
1 Data prior to 2020 has been restated to align with current-year methodology.
The percentage of respondents answering “Don’t know” for personal members in 2022 was 1.7%.
Vancity 2022 Annual Report 4 Accountability Statements
Member feedback mechanisms (2-29)
We are committed to providing meaningful opportunities for members to provide
feedback on their experience with Vancity, and to have input in setting the
direction of the credit union.
Members can provide feedback through our branches, call centre, website, social
media (such as Facebook and Twitter), as well as by mail and e-mail. Members
can also attend and participate in our Annual General Meeting and run for or
vote for our Board of Directors, subject to eligibility. In addition, we use surveys,
online member panels, interviews, and focus groups with members (and
sometimes non-members) on various topics to inform our strategies, products,
and services.
As a credit union and a co-operative, our Board of Directors is accountable to our
membership. Our members have the option to communicate their concerns to
their Board. Members may also choose to communicate their concerns via an
external party, such as our regulator the BC Financial Services Authority (BCFSA),
Central 1, The Ombudsman for Banking Services and Investments (OBSI) or the
Better Business Bureau.
Member concerns and complaints (2-16, 2-26)
We take complaints very seriously at Vancity and view them as our best way to
identify and rectify problems. Our goal is to deal with member concerns in a
timely manner, preferably by the employee who receives the complaint. We have
a system which enables front-line employees to directly log complaints. Although
not all complaints require formal logging and reporting, themes are discussed at
various management meetings. We do formally track compliments and
complaints that are received by the Board of Directors, the Office of the CEO, the
Chief Complaints Officer and/or the Chief Member Services Officer. These
compliments and complaints are reported to Vancity’s Board of Directors on a
quarterly basis. We have systems that allow us to track, monitor, and report
member responses to significant issues as they arise, for example, branch
closures or a significant change to a product or service.
Member complaints and concerns are received by the office of the CEO and
addressed accordingly. In 2022, no special resolutions or critical concerns were
brought forward at AGM to the or Board of directors.
Vancity compliments and complaints
Vancity Community Investment Bank compliments and complaints
Member profile and membership growth
Members include people, businesses and organizations who choose to bank with
Vancouver City Savings Credit Union and/or Squamish Savings and hold Class B
Membership shares, regardless of the amount of shares. Members with a
balance of less than $5 in Class B Membership shares need to hold at least one
additional member activated financial account (excluding Shared Success
Patronage accounts).
Member numbers and breakdown by type
For definitions of terms, see the Glossary on vancity.com/AnnualReport.
2022
2021
2020
2019
2018
Total number
of members
#
562,259
560,261 550,599 543,621 533,936
Personal
(individual)
members
%
92
92
93
93 92
Business
(organizational)
members
%
8
8 7 7 8
Vancity 2022 Annual Report 5 Accountability Statements
Net growth in membership
In 2022, Vancity’s membership grew by 1,998, or 0.36 per cent. This result was
negatively impacted by the reintroduction of a process to close dormant
memberships, which had been put on pause since 2017 as a result of technical
challenges. This process resulted in the one-time closure of 5,824 memberships
during the year. Excluding this one-time adjustment, Vancity’s membership grew
by 7,822 members, or 1.40 per cent in 2022.
2022
2021
2020
2019
2018
Net membership
growth
#
1,998
9,662 6,978 9,685 9,380
Net membership
growth ◆
%
0.36
1.75 1.28 1.81 1.78
Helping protect members (3-3)
For our approach see, 2022 Annual Report, ‘Helping protect members,’ p. 13
Privacy (FN-CB-230a.2, FN-CF-230a.3)
Privacy issues are handled by our Corporate Privacy Office, which is overseen by
our Chief Privacy Officer.
Protecting members’ information
Breaches of privacy and losses of member or client data (2-4, 418-1, FN-CB-
230a.1, FN-CF-230a.1)
In 2022, the Privacy Office recorded a total of 80 substantiated privacy breaches.
Most of these breaches were due to human error on the part of employees such
as sending email attachments to incorrect recipients or including the incorrect
documentation (member account statements, for instance) within mailouts. We
also observed the occasional system generated error, such as printing double
sided documents containing the incorrect members’ personal information.
2022
2021
2020
2019
2018
Total substantiated reports
and privacy breaches
# 80 89 121 102 71
Substantiated privacy breaches
identified and reported externally
by members or other outside
parties
# 60
68 108 96 68
Substantiated complaints
received from regulatory bodies
# 0 0 0 0 0
Internally identified and reported
substantiated privacy breaches
(leaks, thefts or losses of
customer data)
# 20 21 13 6 3
Vancity 2022 Annual Report 6 Accountability Statements
Percentage of employees who complete privacy training (205-2)
The yearly privacy training is a requirement for all employees and serves as a
yearly reminder of key privacy concepts and policies. As we have mandated since
2020, if an employee does not complete their compliance training within a
specific timeframe, employee access is restricted.
2022
2021
2020
2019
2018
Employees who completed training
%
99
100 98 91
1
93
1 Data prior to 2020 is not comparable due to a change in methodology.
Compliance
Vancity is regulated by the BC Financial Services Authority (BCFSA), an agency of
the BC government. Vancity Community Investment Bank is federally regulated
by the federal Office of the Superintendent of Financial Institutions (OSFI).
Citizens Trust is regulated both provincially by BCFSA and federally by OSFI.
We have procedures in place to be aware of various changes to and validate
compliance with applicable laws, regulations, legislation, and codes of conduct.
As part of the normal course of business, Vancity occasionally faces legal
proceedings. Updates on significant litigation are reported to the Board’s Audit
Committee quarterly. Provisions are recorded in the Financial Statements where
appropriate.
For our policies on money laundering and terrorist financing, see
vancity.com/MoneyLaunderingTerroristFinancing
Percentage of employees who reviewed and signed Vancity’s Code of
Conduct (2-24, 2-26, 205-2)
It is the responsibility of each employee to act in accordance with the respective
Code of Conduct standards in addition to any other professional code of ethics
and standards of practice to which an employee is bound. The Code sets out the
reporting responsibilities of employees, should they observe anything that
appears to violate its terms. All employees must review and complete an e-
learning module, and consent to the Code of Conduct annually. These activities
are routinely monitored through an established process. Where an employee
becomes aware of a potential breach or has committed a breach of this Policy,
they have a responsibility to report it immediately to a manager, or where
appropriate, use the Anonymous Reporting tool that Vancity has selected from
ClearView Strategic Partners Inc. (“Clearview”). The Clearview tool provides a
secure third party reporting system that allows employees to anonymously
report on unethical conduct and conflict of interest scenarios.
2022
2021 2020 2019 2018
Employees who signed Vancity’s
Code of Conduct
%
100
100 97 96 92
Signed by non-management
%
100
1
100 97 96 92
Signed by management
%
100
1
100 99 95 95
Signed by senior management
%
100
100 96 88 77
1 A very small number of employees did not complete and sign the Code of Conduct leading to
99.9% of non-management employees and 99.9% of management employees respectively, which
were rounded up to 100%.
Number of internal fraud incidents investigated (205-3)
Employee dishonesty is covered in the security training given to new employees.
Representatives from our Fraud and Security department periodically meet with
groups of managers to raise awareness of employee dishonesty and provide
guidance in managing incidents. Our Employee Dishonesty policy requires that all
incidents of employee dishonesty are reported for investigation. If substantiated,
the employee could be dismissed. All incidents of employee dishonesty and/or
breach of conduct are reported to HR and are included in the Operational Risk
Report.
2022
2021
2020
2019
2018
Substantiated incidents
#
0
1
4
3
4
Vancity 2022 Annual Report 7 Accountability Statements
Legal actions and incidents of non-compliance (2-27, 417-1, 417-2, FN-CB-
510a.1, FN-AC-510a.1)
In 2022, Vancity did not identify any significant instances of non-compliance with
laws and/or regulations where fines or sanctions were incurred concerning
product and service misinformation and/or mislabelling, fraud, insider trading,
anti-trust, anti-competitive behavior, market manipulation, malpractice, or other
related financial industry laws or regulations infractions.
Responsible marketing and selling (417-3)
Vancity is responsible for preserving our members’ collective assets. Our goal is
to provide members advice that is in their best long-term interests, including
managing debt and using credit responsibly.
Mortgages and personal loans
We do not want to provide credit or advice to members that puts them in a
position of taking on debt they cannot afford if interest rates rise, but we also
want to understand how credit can make a difference and we want to be
inclusive of our membership. We may say ‘no’ to a credit application because the
level of credit risk is too high, but we are more likely to say, ‘not right now’ and
provide alternative solutions to help applicants achieve their goals. We also look
at creative ways to view members differently who might traditionally not have
had access to credit.
For the retail loan portfolio (residential mortgages and personal loans), Vancity’s
underwriting methodologies and risk modeling are member-based rather than
product-based. We review the member’s capacity to repay the loan rather than
relying exclusively on collateral. Decisions on consumer loans are based on an
overall assessment of credit risk that considers factors such as debt levels relative
to income.
Our policies encourage member-serving employees to work directly with
members. Our residential mortgage process includes an advisory session as the
first step in the application process to determine if debt is the best option for the
member. We offer a variety of tools to help members understand the true costs
and obligations of borrowing and build their wealth and wellbeing in ways that
reflect their values. And when members have a hard time servicing their debt, we
provide them options to choose the best alternative that meets their needs.
First-time home buyers’ hub
Financial planning
Rates and fees
We're committed to delivering services at a fair, reasonable price to all our
members. We monitor and adjust interest rates to ensure our competitiveness.
In accordance with relevant legislation, we disclose interest rates and fees
associated with our products and services.
Personal banking account service fees
Business service charges
enviro
TM
Visa*
Vancity 2022 Annual Report 8 Accountability Statements
Financial health and inclusion (3-3)
One of Vancity’s guiding principles is to help enhance social justice and economic
inclusion for our members and communities. In the face of the climate
emergency and the recognition that climate impacts will be disproportionally felt
by those with less financial means to adapt in moments of crisis, our work in
financial inclusion and resilience has never been more important. This means
people can access financial services, build their savings and grow their assets
leading to increased confidence.
For more on financial health and inclusion see 2022 Annual Report, ‘Financial
health and inclusion,’ p. 14.
Financial literacy and advice
Financial literacy programs (PAS)
We believe a community-based model for learning creates meaningful and safe
programs that speak to the unique needs of diverse groups. Equipped with
courses and tools developed by our financial experts, our community partners
deliver culturally relevant workshops in their communities. Financial literacy
workshops - Vancity. Therefore, we partner with local community organizations
to help deliver financial literacy workshops in the community.
We offer the Small Business Startup Foundations free online resource for new
entrepreneurs. We continue to partner with Power Play to provide the Money
Manager program for secondary school teachers to access free, custom lesson
plans on finances to help students explore financial topics that are relevant to
their stage in life such as obtaining a car loan, understanding credit, and planning
for education. And in 2022, we formally launched the Wealth Mindset-I
ndigenous
Financial Resilience program in collaboration with Indigenous Elders to meet the
unique needs and strengths of Indigenous learners and communities. The
purpose of the program is to create a safe learning experience that is compelling
and integrates content and methodologies relevant to Indigenous peoples.
Financial literacy
Financial literacy backgrounder
Affordable housing
At Vancity, we hear from our members every day that access to affordable
housing is among their most pressing concerns. Lack of access to affordable
housing is severely affecting people’s financial resilience and quality of life.
With ongoing low vacancy rates and rising rents, there continues to be
insufficient supply of affordable and adequate rental housing for low- and
moderate-income populations. In our own trade region, almost half of renter
households are paying more than 30% of their income on rent and utilities. And
significantly, one in five renter households in Metro Vancouver are spending
more than half their income on rent and utilities, leaving them with little
disposable income. Our members include these renter households. Our
members also include community housing operators who are working to support
people living along the housing continuum from emergency and homeless
shelters, through to transitional housing, subsidized housing, co-operative
housing, below market rental housing, life leases, and property ownership.
For more on Vancity’s work in Affordable Housing, see
rethink.vancity.com/community/affordable-housing and 2022 Annual Report
,
‘Affordable housing,’ p 14.
2022
2021
2020
2019
2018
Units of affordable housing
financed
#
3,666
3,150 3,008 2,743 3,131
Counts acquisitions and renovations of homes that already existed, as well as net new homes.
For definitions of terms, see the Glossary at vancity.com/AnnualReport.
Initiatives to improve access (FS13, FS14, PAS)
We offer products and services to help people living on low incomes or who are
unable to access basic banking services, obtain credit within their means, build
savings, or buy a home.
We continue to look for innovative ways to recognize unique circumstances and
develop programs that support access to banking and credit that have a positive
Vancity 2022 Annual Report 9 Accountability Statements
community impact. We place an emphasis on supporting access to affordable
housing and home ownership, and economic self-reliance.
We are committed to working with First Nations governments and Indigenous
not-for-profit organizations in their efforts to improve the standard of living of
their members and help them achieve economic strength and independence.
Through a partnership with PHS Community Services, at Pigeon Park Savings we
serve nearly 5,000 individuals living on low incomes in Vancouver’s Downtown
Eastside – one of Canada’s poorest neighbourhoods. We have a branch in the
rural community of Cormorant Island near Port McNeil with our two partners, the
‘Namgis First Nation and the Village of Alert Bay. We are the only financial
institution with a presence in that community.
Since 2016, we’ve had an on-site banking kiosk at the ISSofBC Welcome Centre in
Vancouver. This is a one-stop support centre offering essential newcomer
services including opening bank accounts on arrival for newcomers and refugees
coming to Canada. In early 2022, we reopened the ISSofBC Welcome Centre in
Surrey to support the Resettlement Assistance Program (RAP).
Vancity’s microloan program supports new entrepreneurs by filling the gap
between traditional bank lending and the availability of venture capital. The
microloans are based on the character of the owner, the owner’s vision for the
future, and the strength of the business plan. In addition, we also look at what
the entrepreneur can achieve through financial literacy.
Vancity is part of the Black Entrepreneurship Program (BEP), which is a
partnership between the Government of Canada, Black-led business
organizations, and financial institutions. Vancity contributes to the National
Ecosystem Fund. The fund supports Black-led not-for-profits such as the Vancity
member organization the Black Business Association of BC
to provide support,
mentorship, financial planning, and business training for Black entrepreneurs.
Another BEP initiative is the Black Entrepreneurship Loan Fund, which provides
barrier-free access to business financing, tailored advice, mentorship, education,
and networking opportunities.
In response to the Ukraine invasion in February 2022, we provided financial
services to displaced Ukrainians arriving in BC by leveraging the existing RAP. We
worked with partners to translate financial literacy information into five different
languages and mobilized Ukrainian/Russian speaking employees to be available
at branches.
For more initiatives to improve access see Investing in communities
Indigenous communities
Products and services designed to provide access to basic financial services,
affordable housing, credit, and credit repair to individuals (FS7)
Product or service description/purpose
Target beneficiary
On-reserve housing loans: Mortgage-like loans
that provide financing to First Nations
community members who would like to
purchase or renovate a home located on First
Nations lands.
Indigenous communities
Pigeon Park Savings accounts: Personal bank
account package for a flat fee of $5 per
month, including cheque-cashing, unlimited
withdrawals, bill payments, money orders,
and ATM card access. For non-members, a
cheque-cashing service is available with no
charge for government cheques or a flat fee
of $5 for any non-government cheques.
Low-income and disadvantaged
individuals living in Vancouver’s
Downtown Eastside—one of
Canada’s poorest
neighbourhoods, where people
lack easy and affordable access
to basic banking services
Pigeon Park Savings cashable term deposits: A
12-month cashable term deposit with a
significantly reduced initial minimum deposit
of $100 that ensures affordability and a
preferred interest rate after 30 days.
Low-income and disadvantaged
individuals living in Vancouver’s
Downtown Eastside (see above)
Resettlement Assistance Program (RAP)
Accounts: A special account developed to
enable government-assisted refugees the
opportunity to open accounts in which to
deposit initial grants and subsequent
Individuals (low-income, new
immigrants and refugees) with
challenges accessing financial
services
Vancity 2022 Annual Report 10 Accountability Statements
assistance payments from the Federal
Government when they arrive in Canada.
Micro-loans: Small business loans to launch a
new business or get back to work in a chosen
field. Includes products such as: peer loans,
Be My Own Boss, Back to Work, With These
Hands, By Design, Small growers, and Next
step loans.
Micro-entrepreneurs, new
immigrants, or working poor
who face barriers to traditional
banking. Back to Work helps
foreign-trained professionals get
back into a facsimile of their
previous occupation; With These
Hands helps skilled trades
people.
Accessibility program Visa accounts: Credit is
offered to individuals who take part in a Visa
literacy discussion and agree to certain
conditions
Low-income and disadvantaged
members and communities
Secured Visa deposit account: One-year term
deposit account that provides individuals
with up to $500 of credit.
Individuals who are ineligible for
a standard credit card
Resettlement Assistance Program (RAP) Visa
account: A Visa offered to individuals with a
RAP deposit product, in order to establish
credit history in Canada.
Individuals (low-income, new
immigrants and refugees) with
challenges accessing financial
services
Fair & Fast loan
TM
: Small credit loans designed
to allow members fast, simple and
convenient access to financing at an
affordable cost.
Individuals with challenges
accessing financial services
Mixer Mortgage
TM
: Enables a “mix of friends”
to get together to purchase a home. All
parties are jointly and severally responsible
for the mortgage.
Singles or people in partner
relationships who want to own
their own home, and wanting or
needing to do so with friends,
partners, acquaintances, or
family
Laneway Housing bundle: This bundle is only
available to properties that will be creating
new livable laneway spaces. It has two
components: $750 towards closing costs and
free appraisal and cash back (1%), if a
member is transferring their mortgage from
another financial institution to Vancity.
Members who are creating
urban density in their
communities by developing
either existing garages or
building new laneway home
structures in the City of
Vancouver
Community Partner Refugee Loan program: to
provide loans to refugees to help pay the
fees associated with applying for permanent
residence (PR) status in Canada.
Convention Refugees and
Protected Persons (refugees) per
the Immigration and Refugee
Protection Act (IRPA) sections 96
and 97
Cormorant Island branch: The only financial
institution branch that delivers financial
services to the remote community of Alert
Bay.
Community of Cormorant Island
Unity Women Entrepreneur Loan: To give
women, and anyone who identifies as
women or non-binary, more access to the
funds they need, more networking
opportunities with like-minded people, and
more advice from experienced mentors.
Entrepreneurs who identify as
women or non-binary
Black Entrepreneurship Loan Fund: Seeks to
address the specific systemic barriers Black
business owners have too often faced when
seeking financing.
Black entrepreneurs
In addition, we offer:
• The Jumpstart
TM
High Interest Savings account
• Business Jumpstart
TM
High interest Savings account
• Registered Disability Savings Plans and support to register through a
partnership with Ability Tax and Trust Advisors
• Registered Educational Savings Plans, and support to register for same, plus
various learning grants, in partnership with Smart Saver and the Omega
Foundation
Vancity 2022 Annual Report 11 Accountability Statements
New financed business and commercial loans and lines of credit to
members (PAS, FN-CB-240a.1)
As well as providing basic banking services to individuals, it’s also important that
we provide businesses access to finance, including microloan amounts.
Value of loans financed by size:
(millions of dollars)
2022
2021
2020
2019
2018
$0 - $24,999
$
2
2
2
4
3
$25,000 - $99,999
$
9
10
9
18
16
$100,000 - $249,999
$
27
23
24
31
29
$250,000 - $499,999
$
36
71
48
56
71
$500,000 - $999,999
$
143
205
138
113
168
$1,000,000 - $4,999,999
$
685
949
483
480
718
$5,000,000 and greater $
616
1,243 804 679 577
Total value of loans financed
$
1,518
2,503
1,510
1,381
1,582
Average financed loan by size:
$
1.2
1.5
1.2
0.9
0.9
Number of loans financed by
size:
$0 - $24,999
#
146
183
236
352
305
$25,000 - $99,999
#
184
208
210
368
346
$100,000 - $249,999
#
189
159
164
215
194
$250,000 - $499,999
#
96
198
134
158
208
$500,000 - $999,999 #
197
289 197 160 240
$1,000,000 - $4,999,999
#
358
485
236
223
356
$5,000,000 and greater
#
55
105
74
60
60
Total number of new loans
financed
#
1,225
1,627 1,251 1,536 1,709
Data includes all new loans and lines of credit to businesses financed by our Community
Business, Community Capital, Community Real Estate, VCIB teams, and branch network. Financing
for construction loans is staggered, and all dollars may not get disbursed in the year the loan is
approved. The breakdown for total value of loans is rounded to the nearest one million dollars.
Accessibility and inclusion in our built environment
(FS14, PAS)
Our office and public locations are accessible and inclusive for both members
and employees. In addition to standard ramps, parking stalls, door operators and
open knee spaces, features include automated teller machines (ATMs) with tactile
keypads and walk-up ATMs have guided voice functionality. Corporate websites
are designed to be accessible with use of screen-reading devices such as JAWS
(Job Access with Speech). We train senior call-centre agents to provide TTY (text
telephone) banking services to members with hearing disabilities. There are
audio infrared and induction loops in our meeting rooms, training rooms and
community stages, as well as at the sit-down wickets. Portable induction loop
devices are available at every branch if needed while conducting business in
offices. Care has been taken to also ensure contrasting colours/tones and include
emergency response equipment such as distress alarms in universal washrooms,
as well as emergency evacuation chairs at all the office towers.
Tactile tape in emergency exit stairwells at Vancity Centre have been integrated
per our Emergency Evacuation program to ensure employees with visual
impairments can exit the building independently should the need arise, or if they
simply wish to take the stairs between floors. To ensure inclusive facilities for
people of all gender identities and members using our community stages, over
200 washrooms, showers, and change facilities have been identified as “Inclusive”
facilities throughout our branches and offices.
For more on accessing banking services, including for members with disabilities,
see Ways to bank
.
Vancity 2022 Annual Report 12 Accountability Statements
Diversity and anti-racism (3-3)
For our approach, see p. 15 of the Annual Report.
Workforce diversity and pay equity
We’re committed to being an anti-racist organization and we hold Reconciliation
as a core value. That means doing our part in removing barriers that stem from
systemic exclusion and inequities that affect women, Indigenous, Black and
people of colour, 2SLGBTQIA+, and people living with visible and invisible
disabilities. We took the Black North Pledge to achieve 3.5 per cent
representation at the senior management level and Indigenous representation to
three per cent organization wide.
We welcome people of all backgrounds to apply for positions within Vancity. We
aim to achieve diverse representation of employees that reflects the
communities we serve. This cannot be achieved without actively identifying and
addressing structural barriers to advancement.
We collect confidential and voluntary candidate diversity data to understand the
diversity of people we attract and outcomes for diverse candidates in the
recruitment process. This enables us to address barriers in the recruitment
process and set priorities for diverse recruitment. The executive leadership team
regularly reviews employee diversity trends.
Participation in our employee diversity survey increased to 83 per cent in 2022,
up from 69 per cent in 2021. We calculate percentages in each group by the total
number of all employees, but not all employees participated in the survey. While
the results provide a more complete picture of diversity at Vancity, not all the
changes since 2021 can be attributed to our efforts in recruitment, retention, or
promotion.
Employee profile (405-1)
BM
2022
2021
1
2020
2019
2018
Men
%
35
30
23
37
37
36
Women
%
65
52
43
63
63
64
Transgender or non-
binary
%
0.8
0.7 n/a n/a n/a
Did not participate %
17
33 n/a n/a n/a
Person with a
disability ◆
% 3
16
13 10 10 10
Indigenous person
◆
%
2
1.8
1.5
1.4
1.4
1.6
Black person
%
2.2
1.7
n/a
n/a
n/a
Black, person of
colour
% 37
47
37 37 37 38
2SLGBTQIA+ %
8.1
7.0 4.0 4.3 4.6
Aged under 30 years
%
29
16
15
15
17
19
Aged 30-50 years
%
41
57
60
59
58
56
Aged over 50 years
%
30
27
25
26
25
25
Non-management %
83
84 83 84 84
Management
%
14
13
14
13
13
Senior Management
%
3
3
3
3
3
Data for “Indigenous person”, “Black, person of colour”, “Person with a disability” and
“2SLGBTQIA+” is based on employees’ self-disclosure in our Human Resources Information
System.
Benchmark (BM) sources: women: HR Metrics report for Canadian credit unions, 2021 median
scores. Age categories: Statistics Canada. Vancouver, CMA, British Columbia: 2016 Census Profile
(aged 15-64 years). “Person with a disability,” “Indigenous person” and “Black, person of colour”:
Employment Equity Act: Annual Report 2019, Metropolitan Vancouver availability.
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Vancity 2022 Annual Report 13 Accountability Statements
Percentage of employees in non-management by indicators of diversity
(405-1, FN-AC-330a.1)
BM
2022
2021
1
2020
2019
2018
Men % 27
28
22 37 36 35
Women
%
73
52
41
63
64
65
Transgender or
non-binary
%
1
1 n/a n/a n/a
Did not
participate
%
19
35 n/a n/a n/a
Person with a
disability
%
16
13 10 10 10
Indigenous
person
%
1.8
1.6 1.5 1.5 1.7
Black
%
2.2
1.8
n/a
n/a
n/a
Black, person
of colour
%
38
48
37 38 38 40
2SLGBTQIA+ %
8.4
7.0 4.0 4.3 4.9
Aged under 30
years
%
18
19 18 20 22
Aged 30-50
years
%
55
56 56 55 54
Aged over 50
years
%
27
25 26 25 24
Data for “Indigenous person”, “Black, person of colour”, “Person with a disability” and
“2SLGBTQIA+” is based on employees’ self-disclosure in our Human Resources Information
System.
Benchmark (BM) sources: women: HR Metrics report for Canadian credit unions, 2021 median
scores. “Black, people of colour”: Canadian Bankers Association, Banks as employers report 2019.
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Percentage of employees in management by indicators of diversity (405-1,
FN-AC-330a.1)
BM
2022
2021
1
2020
2019
2018
Men
% 34
56
32 39 37 37
Women
%
66
37
50
61
63
63
Transgender or non-
binary
%
*
* n/a n/a n/a
Did not participate
%
7
18
n/a
n/a
n/a
Person with a
disability
%
18
15 10 10 10
Indigenous person %
*
* 0.6 0.8 0.4
Black
%
*
*
n/a
n/a
n/a
Black, person of
colour
% 33
43
36 36 33 27
2SLGBTQIA+
%
7
8
4.5
4.4
3.2
Aged under 30 years
%
3
2
1
4
4
Aged 30-50 years %
70
73 73 74 72
Aged over 50 years
%
27
25
26
22
24
* Below reportable threshold.
Data for “Indigenous person”, “Black, person of colour”, “Person with a disability” and
“2SLGBTQIA+” is based on employees’ self-disclosure in our Human Resources Information
System.
Benchmark (BM) sources: women: HR Metrics report for Canadian credit unions, 2021 median
scores. ’Black, people of colour: Canadian Bankers Association, Banks as Employers report 2019.
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Vancity 2022 Annual Report 14 Accountability Statements
Percentage of employees in senior management by indicators of diversity
(405-1, FN-AC-330a.1)
BM
2022
2021
1
2020
2019
2018
Men
% 53
40
30 46 49 47
Women
%
47
55
44
54
51
53
Transgender or non-binary
%
*
*
n/a
n/a
n/a
Did not participate
%
5
23
n/a
n/a
n/a
Person with a disability
%
13
10 10 11 12
Indigenous person
%
*
*
1.4
1.3
1.2
Black
%
*
*
n/a
n/a
n/a
Black, person of colour
%
18
35
27
26
19
21
2SLGBTQIA+
%
7
9
1.4
1.3
2.5
Aged under 30 years
%
0
0
0
0
0
Aged 30-50 years
%
60
65
67
68
58
Aged over 50 years %
40
35 33 32 42
*Below reportable threshold.
Due to the small number of employees in the senior management category, a change by one
employee can cause a significant shift in the percentage, as it has for “Black, person of colour”.
Data for “Indigenous person”, “Black, person of colour”, “Person with a disability” and
“2SLGBTQIA+” is based on employees’ self-disclosure in our Human Resources Information
System.
Benchmark (BM) sources: women: HR Metrics report for Canadian credit unions, 2021 median
scores. “Black, people of colour”: Canadian Bankers Association, Banks as Employers report 2019.
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Average compensation for women as a percentage of average
compensation for men (405-2)
In 2022, we are reporting two sets of gender-based pay ratios as we transition to
a new source for gender data. The old methodology used calculations based on
sex-based binary gender data, with two options: male or female, and without an
option to decline to respond. Recognizing gender is fluid and disclosure is a
choice, we’re now using our diversity survey. It allows employees to choose from
binary, cisgender, transgender, and non-binary options, update their gender
identity when they want, or decline to answer.
The table includes 2022 pay ratios based on the old data to support clarity in the
change and its impacts to historical year over year comparison. The calculations
using the new choice-based gender will provide our baseline for future year over
year analysis.
2022 new
method-
ology
2022 old
method-
ology
2021 2020 2019 2018
Non-
management
%
95 93
92 91 92 92
Management
%
97
97
96
94
99
98
Senior
management
% 104 103 97 89 111 111
Data set includes permanent full-time employees (and those who may be on short-term leaves)
and excludes part-time, contract employees, and employees on long-term leaves.
Compensation includes actual salaries from baseline earnings, profit share and benefits.
Average compensation for transgender or nonbinary employees as a
percentage of average compensation for men (405-2)
2022
Non-management
%
79
Management
%
*
Senior management %
*
* Below reportable threshold.
There are some cases of individuals being included in both the transgender or non-binary and
men or women population because of intersectionality of gender identity, which is consistent with
how diversity data is presented elsewhere in our reporting. In the new diversity gender data,
there are 272 fewer employees counted due to those choosing not to disclose their gender.
Data set includes permanent full-time employees (and those who may be on short-term leaves)
and excludes part-time, contract employees, and employees on long-term leaves. Compensation
includes actual salaries from baseline earnings, profit share and benefits.
Vancity 2022 Annual Report 15 Accountability Statements
Employees (3-3)
For our approach, see 2022 Annual Report
, ‘Employees,’ p. 16.
Commitment to diversity
Employee benefits, learning and development, compensation, time off
Employee engagement
In 2022, we adopted a new employee experience survey that is quicker to get
results and provides a deeper analysis. There are four questions that go into the
overall employee experience score.
Employee engagement score (2-29)
BM
2022
2021
2020
2019
2018
Employee
experience
1
% n/a 83 n/a n/a n/a n/a
Employee
engagement
2
◆
%
77
70
72 69 62 69
1 Data source 1: Qualtrix Employee Engagement Survey. The response rate was 86%.
2 Data source 2: Employee Engagement Survey. The participation rate was 82%.
BM: 2021 Kincentric Engagement Survey - Canada Average.
Employee profile and turnover
Employee profile (2-7, PAS)
BM
2022
2021
2020
2019
2018
Full-time equivalents
(FTE)
#
2,425
2,355 2,368 2,387 2,455
Headcount
#
2,738
2,679
2,601
2,675
2,853
Permanent full-time % 87
91
88 86 85 81
Permanent part-
time
%
11
8
10 13 14 15
Contract/temporary
%
2
1
2
2
2
4
Benchmark (BM) source: HR Metrics report for BC credit unions, 2021 median scores.
Full-time equivalents (FTE): calculated based on the number of regular scheduled hours worked
(excluding overtime) divided by 1,820 working hours in a year.
Headcount: total number of permanent and non-permanent (contract) employees.
For definitions of terms, see the Glossary at vancity.com/AnnualReport.
Position status for all employees (headcount), by gender (2-7, PAS)
2022
2021
1
2020
2019
2018
Total permanent full-time
#
2,486
2,369
2,233
2,261
2,306
Men
#
763
578
873
875
870
Women
#
1,260
1,006
1,360
1,386
1,436
Transgender or non-binary
#
20
16
n/a
n/a
n/a
Did not participate
#
383
738
n/a
n/a
n/a
Total permanent part-time
#
215
271
326
366
442
Men
#
31
37
75
88
109
Women #
125
118 251 278 333
Transgender or non-binary
#
*
<10
n/a
n/a
n/a
Did not participate
#
53
110
n/a
n/a
n/a
Total contract/temporary
#
37
39
42
48
105
Men
#
<10
<10
23
23
49
Women
#
17
12
19
25
56
Transgender or non-binary
#
*
<10
n/a
n/a
n/a
Did not participate #
14
15
n/a
n/a
n/a
*below the reporting threshold
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Number of permanent employee departures (401-1)
2022
2021
1
2020
2019
2018
Total departures
#
300
325
216
292
216
Men
#
61
17
82
119
87
Women #
93
23
134 173 129
Transgender or non-
binary
#
n/a
<10
n/a
n/a n/a
Did not participate
#
148
64
n/a
n/a
n/a
Aged under 30
#
77
101
55
95
73
Vancity 2022 Annual Report 16 Accountability Statements
Aged 30-50
#
144
143
86
128
100
Aged over 50
#
79
81
75
69
43
Voluntary departures #
250
273 156 231 169
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Permanent employee turnover rates (2-4, 401-1)
BM
2022
2021
1
2020
2019
2018
Overall turnover
%
18
11
13
8
11
8
Men
%
8
3
9
12
9
Women %
7
2
8 10 8
Transgender or
non-binary
%
0
*
n/a n/a n/a
Did not
participate
%
33
7
n/a n/a n/a
Aged under 30
%
18
25
13
20
14
Aged 30-50
%
9
9
6
8
7
Aged over 50 %
11
12 75 11 7
Voluntary
turnover
% 15
9
11 6 9 6
*Below reportable threshold.
Benchmark (BM) source: HR Metrics report for BC credit unions, 2021 median scores.
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Voluntary and Overall Turnover rates were restated for 2021 due to rounding errors.
Number of permanent new employee hires, overall and broken down by
gender and age (401-1)
2022
2021
1
2020
2019
2018
Total number of new hires
#
354
350
141
151
383
Men
#
97
10
59
84
158
Women
#
128
23
82
67
225
Transgender or non-binary #
*
<10
n/a
n/a
n/a
Did not participate
#
123
59
n/a
n/a
n/a
Aged under 30
#
146
167
62
66
218
Aged 30-50
#
186
168
71
76
152
Aged over 50
#
22
15
8
9
13
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Permanent employee new hire rate, overall and broken down by gender
and age (401-1)
BM
2022
2021
1
2020
2019
2018
Overall new hire rate
%
24
13
15
5
6
14
Men %
12
2
6 9 17
Women
%
9
2
5
4
13
Transgender or non-
binary
%
*
*
n/a n/a n/a
Did not participate
%
27
0.6
n/a
n/a
n/a
Aged under 30
%
35
42
15
14
42
Aged 30-50
%
12
11
5
5
20
Aged over 50
%
3
2
1
1
2
*Below reportable threshold. The new hire rate is the rate of new permanent employees joining
the organization for the first time.
Benchmark (BM) source: HR Metrics report for Canadian credit unions, 2021 median scores.
1 2021 not comparable to previous years. Only Q4 data diversity data available for analysis due to
revised survey tool becoming available in Q4.
Vancity 2022 Annual Report 17 Accountability Statements
Parental leave (401-3)
Parental leave should allow employees to take adequate leave and be able to
return to work in the same or a comparable position. In many workplaces, some
women are discouraged from taking leave and returning to work by employer
practices that affect their employment security, remuneration, and career path.
While many men are not encouraged to take the leave to which they are entitled.
Equitable gender treatment for parental leave can lead to the greater recruitment
and retention of qualified employees and boost employee morale and
productivity. For example, men taking advantage of leave entitlements positively
impacts women to take such leave without affecting their career path.
Number of employees who took parental leave (401-3)
2022
Men #
14
Women
#
35
Transgender or
non-binary
#
*
Did not participate
#
26
Number of employees who returned to work after parental leave ended
(401-3)
2022
Men
#
12
Women
#
28
Transgender or
non-binary
#
*
Did not participate # 19
Return rates of employees who took parental leave (401-3)
2022
Men
%
100
Women
%
100
Transgender or
non-binary
%
*
Did not participate
%
73
Number of employees who were still employed 12 months returning from
parental leave (401-3)
2022
Men
#
14
Women
#
23
Transgender or
non-binary
#
*
Did not participate
#
13
Retention rates of employees who took parental leave (401-3)
2022
Men
%
100
Women
%
100
Transgender or
non-binary
%
*
Did not participate
%
81
2022 was the first year reporting parental leave measures, hence previous years’ data has not
been reported.
Vancity 2022 Annual Report 18 Accountability Statements
Paying a living wage
Vancity is a certified living wage employer. Hourly rates are reviewed annually
and living wage rate adjustments are made accordingly. We are fully compliant in
paying eligible employees (full time, part time and casual employees) a living
wage. Employers are allowed to have a small number of trainees or co-op
students that are not eligible for the living wage rate. We also continue to work
closely with key suppliers and contractors to support them in paying their
employees a living wage.
Entry-level employee hourly wage compared with British Columbia’s living
wage (202-1)
Vancity is a certified living wage employer ◆. Hourly rates are reviewed annually
and living wage rate adjustments are made accordingly. The Metro Vancouver
living wage was $24.08 per hour in 2022, inclusive of benefits. This is the
minimum hourly rate that would be paid to meet basic living needs.
Vancity includes benefits in addition to base pay as part of a total compensation
package. This means the equivalent hourly living wage we need to pay employees
to be living wage compliant is reduced to reflect "credit" for these benefits.
We are fully compliant in paying eligible employees (full time, part time, and
casual employees) a living wage. Employers are allowed to have a small number
of trainees or student co-ops that are not eligible for the living wage. We’re also
working closely with key suppliers and contractors to support them in paying
their employees a living wage.
In 2022, Vancity recertified as a Living Wage Employer based on Metro
Vancouver’s living wage of $20.52/hour. We continue to make living wage
adjustments in what we pay our own employees as well as working closely with
key suppliers to have their employees who are providing direct services to
Vancity paid a living wage. The living wage increased to a minimum of $24.08 per
hour in Metro Vancouver in November 2022, effective May 2023.
For more on our approach, see 2022 Annual Report
, ‘Paying a living wage,’ p 17.
Living wage
Metro Vancouver Living Wage standard (2-4)
2022
2021
2020
2019
2018
Metro Vancouver hourly living
wage, including the value of
benefits
$
24.08
20.52 19.50 19.50 20.91
Equivalent hourly living wage
requirement for Vancity,
adjusted to reflect the value of
benefits which we provide to
permanent employees in
addition to base pay
$
19.75
17.08 17.08 17.08 17.08
1
1 2018 restated to correct a previous reporting error.
Vancity entry level employee hourly wage for permanent employees
2022
2021 2020 2019 2018
Permanent entry level
employee
$
19.75
17.82 17.82
17.82
17.82
Permanent entry level
employee hourly value of
benefits
$
4.33
3.83 3.83 3.83 3.83
Permanent entry level
employee hourly wage plus
value of benefits
$
24.08
21.65 21.65
21.65
21.65
Vancity entry level employee hourly wage for non-permanent/contract
employees
We don’t provide non-permanent employees with benefits, except for a vacation
allowance. In 2022, we paid non-permanent employees a minimum of $22.64
plus a vacation benefit. Living wage assumes a minimum amount of vacation
time off or equivalent vacation paid in lieu (equivalent to 70 hours). Vancity offers
vacation time or vacation time in lieu equivalent to 105 hours (35 hours more
Vancity 2022 Annual Report 19 Accountability Statements
than the living wage ceiling). The additional week that Vancity offers our
employees is considered a benefit that is equivalent to $24.08/hr.
2022
2021
2020
2019
2018
Non-permanent entry level
employee hourly wage
$ 22.64 20.50 20.50 20.50 20.50
Non-permanent entry level
employee hourly value of
benefits (vacation allowance)
$ 1.44 1.23 1.23 1.23 1.23
Non-permanent entry level
employee hourly wage plus
vacation allowance
$ 24.08 21.73 21.73 21.73 21.73
Vacation benefit is based on vacation leave available to employees beyond 70 hours
Performance management
At Vancity, we align our vision and values with the needs of our members, so that
our success helps to build healthy communities. A performance-planning cycle
connects individual performance to organizational goals and helps each
employee's contribution positively impact the community in which they live and
serve. Performance plans are aligned to Vancity’s business plan and include both
objectives and behaviours that reflect an employee’s accountabilities. Ongoing
coaching and feedback are critical to supporting the growth and development of
our employees.
Labour-management relations and human rights
Our Employee Code of Conduct and Respect in the Workplace Policy sets out
procedures for making and dealing with employee complaints, incidents of
discrimination, and any requisite corrective actions. Our collective agreements
govern union employees and include formal procedures for resolving workplace
issues. We track grievances and breaches of the Code of Conduct and report
these quarterly to the Human Resources Committee of the Board.
We have collective agreements with two unions: the BC Government and Service
Employees’ Union (BCGEU) and the Public and Private Workers of Canada (PPWC).
We have 25 branches and three departments that are unionized.
We believe that open and intentional communications with our union colleagues
can promote discussion, transparency, and proactive problem-solving around
both issues and opportunities that impact communities, members, employees,
and our workplace. Vancity does not endorse or discourage unionization and
recognizes that it’s each employee’s individual choice.
Employees covered by collective bargaining agreements (2-30)
We are mindful of creating an equitable experience for all employees across
Vancity regardless of if they are in a bargaining unit or exempt. For our all
employees, our terms of employment and total rewards packages are at or
ahead of market. We use an external vendor and several market surveys to audit
this on an annual basis. In all cases, we strive to create an employee experience
that is grounded in health and wellbeing of every employee.
BM
2022
2021
2020
2019
2018
Employees unionized
%
23
30
31
32
31
29
Benchmark (BM) source: HR metrics report for Canadian credit unions, 2021 median scores.
Employee grievances related to labour practices (2-4, 2-25)
2022
2021
2020
2019
2018
Total number of grievances
related to labour practices
that went to arbitration
#
76
68 7 42 69
Grievances refer to legal actions, complaints registered with the organization or competent
authorities through a formal process, or instances of non-compliance reported by union and non-
unionized employees.
Some grievances are filed on behalf of a collective group. The total number of grievances that
went to arbitration refers to grievances that were not able to be resolved by management or
human resources.
Restatements were made for 2020 and 2021 as not all of those years’ labour practice incidents
went to arbitration, but grievances continue to be discussed with the union in efforts to resolve
internally.
Vancity 2022 Annual Report 20 Accountability Statements
Employee grievances related to human rights and harassment (2-4, 406-1)
2022
2021
2020
2019
2018
Number of incidents of
discrimination
# 0 1 1 n/a n/a
Number of grievances reviewed
or addressed (file pending)
#
0
0 1 1 3
Number of grievances no longer
subject to action or resolved
# 0 1 5 4 4
Total number of formal
complaints filed related to
respect in the workplace
# 0 1 6 5 7
Actions taken for an incident of discrimination filed in 2021 included unconscious bias training
and a formal apology issued, and for an incident of discrimination filed in 2020, the complaint was
withdrawn.
Percentage of employees who completed biennial training on policies and
procedures concerning relevant aspects of human rights (2-24)
All employees are expected to complete annual training on policies and
procedures concerning aspects of human rights. The increase in participation is
largely due to new reporting tools that allowed us to remove employees on leave
from our reporting.
2022
2021
2020
2019
2018
Employees who
completed training
%
100
2
100 79
1
94 85
1 The change in completion is attributed to a change in delivery from one bi-annual training
course to four courses (one per quarter) per year. This may have impacted the number of
employees who were able to complete all four courses.
2 A very small number of employees did not complete mandatory compliance courses concerning
aspects of human rights in 2022 leading to 99.9%, which was rounded up to 100%.
Health and safety
We are committed to providing a healthy and safe workplace.
In 2022, Vancity signed the Thrive Global mental health pledge to continue
prioritizing the wellbeing and mental health of our employees and maintain our
investments and commitments in this critical area. Our management team
completed training on supporting their own and their teams’ mental health. We
plan on expanding this training to all employees beginning in 2023.
As a financial institution, one of our most significant health and safety issue is the
risk of robberies. We have extensive robbery training and security procedures as
well as a robbery support program for affected employees. Our rules and safe-
work procedures manual contains policies and procedures for workplace
violence, including prevention and dealing with irate members or customers.
Training for new hires in our branches includes a module on handling a robbery.
An employee assistance program is available to all employees and their
immediate families. It’s a voluntary, confidential, short-term counselling, advisory
and information service available 24 hours a day, seven days a week, and
includes a robbery recovery support program. We annually track and report
robbery related incidents, monitor the number of paid care days used per
permanent employee and maintain records of employee training on health and
safety.
Vancity 2022 Annual Report 21 Accountability Statements
Number of days lost due to employee illness (2-4)
BM
2022
2021
2020
2019
2018
Days for short-
term disability
leave
#
12,262
12,689 13,248 14,435 11,661
Care days
#
14,481
11,512
11,232
14,851 14,816
Pandemic pay
days
# 2,725 2,389 3,942 n/a n/a
Total days lost
due to
illness/care
#
29,468
26,590
1
28,422
1
29,287 26,477
Absenteeism
rate
%
5
12
10 11 12 11
1 Pandemic pay was created specifically for employees to take care days due to COVID-19
complications, however it was not clearly delineated from other sick time. Therefore, total days
lost due to illness/care for 2020 and 2021 were restated to include pandemic pay to reflect a
correct measure of total sick/care days.
Data includes unpaid care days taken.
Data includes permanent full-time and part-time employees.
Days lost due to illness includes time taken by employees to care for a sick family member.
Absenteeism rate is the number of workdays missed (lost) by employees due to illness or family
care per permanent full-time equivalent.
Benchmark (BM) source: HR Metrics report for Canadian credit unions, 2021 median scores.
Credit unions in the benchmark data have a short-term disability leave policy of four months
versus six months for Vancity (so the number of days included for Vancity will tend to be greater
in comparison).
Planet
The climate crisis (3-3, FN-MF-450a.3)
One of Vancity’s three guiding principles is to help ensure environmental
sustainability for our members and communities. We are focused on supporting
a just climate transition, a low-carbon future, and enhancing climate resilience in
our communities. This involves providing clear environmental sustainability
leadership in the financial sector. We are committed to action through our
ambitious interim climate targets, climate-related processes in our lending and
client investments, products and services aimed to address climate change, and
engagement work. For more details on our approach, see Climate Report p. 7.
Building on decades of leadership on environmental sustainability and issues of
social and economic inclusion, in 2021, we announced
five ambitious
commitments to address the global climate crisis. The five commitments focus on
building community resilience by strengthening local economies and addressing
systemic inequities to support a just climate transition.
Vancity’s net-zero commitments
One of Vancity’s five climate commitments is to target net-zero emissions by 2040
across all our mortgages and loans. That means the carbon emitted from our
lending will be eliminated or significantly reduced, with any remaining
greenhouse gas emissions being brought to net-zero. To help us in our journey,
in April 2021 we became a founding signatory of the Net-Zero Banking Alliance
(NZBA), and the first Canadian financial institution to join. A key reason for joining
was a desire to ensure our approach to net zero follows best practice and evolves
in line with evolving scientific knowledge. For more details on our NZBA
approach, see Climate Report p. 9
When it comes to the investments that we manage on behalf of clients, Vancity
Investment Management joined the Net Zero Asset Managers Initiative
in
October 2021. Similar to the NZBA, the NZAMI commits members to support the
goal of net-zero emissions by 2050 or sooner, in line with global efforts to limit
warming to 1.5 degrees.
Vancity 2022 Annual Report 22 Accountability Statements
For operational emissions, we’ve been carbon neutral ◆ since 2008
1
. We are
reviewing expanding the scope to include purchased goods and services, and we
plan to establish
long- and short-term net-zero targets.
In 2022, we continued to evolve and deepen our organization-wide climate
transition plan that will serve as a roadmap for achieving our net-zero targets. For
more about our approach to measuring emissions and establishing targets, our
climate transition plan, and progress to date, see our Climate Report p. 18.
Environmental Sustainability at Vancity
vancity.com/EnergyEnvironment
1
Carbon neutral in 2019 and 2020 based on operational emissions of 3,984 and 2,421 assured in 2020
and 2021 prior to restatements in 2022.
Overall emissions profile
Scopes and categories
2022
emissions
(tCO
2
e)
2019 base
year
emissions
(tCO
2
e)
Scope 1 from natural gas
391
390
Scope 1 emissions from fleet
29
38
Total scope 1 emissions
◆
1
420
428
Scope 2 emissions from purchased electricity
1
57
202
Total scope 2
2
◆
1
57
202
Scope 3 emissions
3
Category 1
Purchased goods & services (paper)
185
283
Category 6
Business travel
188
740
Category 7
Employee commuting
1768
2,211
Category 8
Upstream leased assets
210
287
Category 15
4
Investments (and loans)
153,210
n/a
Total scope 3 emissions
155,561
n/a
Overall total emissions
156,038
n/a
tCO
2
e = tonnes of carbon dioxide equivalent. n/a = not available.
Emissions from CH
4
and N
2
O have been included in the calculations and converted as
tCO2e. Emissions from other GHGs (HFCs, PFCs and SF
6
) aren’t significant and therefore not
reported in above table.
For definitions of scope 1 to 3, and further details of how emissions are calculated, see Climate
Report on vancity.com/AnnualReport.
1 2022 and 2019 2022 data has been verified by KPMG LLP.
2 Scope 2 emissions are calculated using the location-based method. Vancity does not
operate in markets that provide product or supplier-specific data or other contractual
instruments.
3 Rationale on the materiality of the different scope 3 categories is available in the
methodology section of the Climate report.
4 We only have comparable base year (2019) emissions for Category 15 emissions for two
of the seven asset classes.
Vancity 2022 Annual Report 23 Accountability Statements
Operational greenhouse gas (GHG) emissions
As a service-based financial institution, we do not emit a significant amount of
greenhouse gases (GHG) in our operations. However, Vancity considers it a
priority to continue to make every effort to reduce our operational impact.
Accounting for our impact has provided us with valuable insight and metrics in
working towards reducing our GHG emissions through landmark projects and
continuous improvements in our facility management and energy conservation.
We currently focus operational emission reduction efforts in four areas: premises
energy use, employee commuting, paper use, and business-related travel,
including our fleet of service vehicles. In addition to paper, we plan on expanding
our procurement efforts to include all purchased goods and services. Vancity will
continue working towards the creation of an enterprise-wide strategy that will
serve as a roadmap for achieving our net-zero targets. For more details on efforts
to reduce our operational emissions see Climate Report p. 21.
Our reporting on operational greenhouse gases is prepared in accordance with
the World Resources Institute’s GHG Protocol. Both our GHG emissions and
carbon neutral assertion are externally assured. To provide confidence that the
offsets we purchase are high quality, we have robust offset criteria that we
developed in consultation with external subject matter experts. For our offset
criteria and our basis for GHG reporting, refer to our Climate Report p. 37.
Operational GHG emissions by scope and category (2-4, 305-1, 305-2, 305-3,
305-4, FN-AC-2, FN-AC-3)
Total operational greenhouse gas (GHG) emissions increased in 2022 primarily
due to an adjusted employee commuting methodology that used 2019
commuting survey results and adjusted for changes in the number and distance
per trip per employee in 2022. Our operational emissions remain below our
target for total GHG emissions of 4,500 tCO
2
e, and below pre-pandemic levels.
tCO
2
e = tonnes of carbon dioxide equivalent. For definitions of scope 1 to 3, and further details of
how emissions are calculated, see Climate Report on vancity.com/AnnualReport.
Emissions from CH
4
, N
2
O have been included in the calculations and converted as tCO
2
e.
Emissions from other GHGs (HFCs PFCs and SF
6
) are not significant and therefore not reported in
above table.
1 Data for 2019, 2020 and 2021 have been restated due to changes in the reporting period,
correction of errors, and changes to methodology. 2019 restated scope 1, 2 and 3 operational
emissions have been assured externally.
2 Scope 2 emissions are calculated using the location-based method. Vancity does not operate in
markets that provide product or supplier-specific data or other contractual instruments.
GHG Scopes and Categories
2022
2021
1
2020
1
2019
1
Scope 1: Natural Gas
tCO
2
e
391
389
382
390
Scope 1: Fleet
tCO
2
e
29
43
42
38
Total Scope 1 ◆
tCO
2
e
420
432
424
428
Scope 2: Electricity
2
tCO
2
e
57
66
98
202
Total Scope 2
2
◆
tCO
2
e
57
66
98
202
Scope 3, Category 1: Purchased
Goods and Services (paper use)
tCO
2
e
185
193
216
283
Scope 3, Category 6: Business
Travel
tCO
2
e 188
165
266
740
Scope 3, Category 7: Employee
Commuting
tCO
2
e 1,768
3
886
3
1,142
2,211
Scope 3, Category 8: Upstream
Leased Assets
tCO
2
e 2
10
268
214
210
Total Scope 3
4
◆
tCO
2
e
2,351
1,458
1,892
3,521
Total operational GHG
emissions
4,5
◆
tCO
2
e 2,827
1,955
2,414
4,151
Total operational GHG emissions
per employee (FTE)
4
tCO
2
e
1.2
0.8
1.0
1.7
Vancity 2022 Annual Report 24 Accountability Statements
3 An adjusted methodology was used since a Transportation survey was not administered in
2022.
4 Scope 3 Category 15, financed emissions, are reported separately.
5 May not sum to total due to rounding.
Financed greenhouse gas emissions: scope 3, category 15 (FN-CB-5, FN-
AC-4)
We recognize that as a lender of capital, our most significant impacts, including
climate-related impacts, are a result of the loans and investments we choose to
make. In 2019, we publicly committed to tracking and disclosing financed
emissions, and in 2020, we announced our five Climate Commitments – including
our commitment to make Vancity net-zero across all our mortgages and loans by
2040.
We reported financed emissions for the first time in our 2020 Annual Report by
applying the Partnership for Carbon Accounting Financials Global GHG Standard.
While our emissions are highlight estimated, we gained valuable insights into the
size and concentration of emissions within our lending portfolio. In 2022, we
focused on developing and implementing a plan to improve data quality and
coverage.
For more information on methodology for financed emissions: scope 3, category
15, see our Climate Report p. 53.
Progress on Vancity’s interim climate targets
Since 2019, our lending portfolios have grown considerably. Emissions related to
residential buildings have stayed fairly consistent, increasing by three per cent
since 2019, while emissions relating to commercial service buildings have been
increasing more or less in line with portfolio growth. A key factor in the relatively
smaller growth in emissions related to residential buildings was a significant
decrease in Natural Resources Canada's consumption intensity factors for the BC
Grid, which offset portfolio growth of 30 per cent.
For commercial service buildings, there was a significant increase in emissions
attributed to social purpose real estate financed through Vancity Community
Investment Bank, specifically affordable apartment buildings. Other key growth
areas included properties used for educational services and retail trade.
For details on our absolute emissions by asset class and sector, see Annual
Report p. 19.
Activity
Emissions tCO
2
e
2025 target:
percentage
change
emissions
Actual
percentage
change
emissions
tCo
2
e
2022
2019
2022 from 2019
Residential
buildings
44,652
43,255
-17%
+3% ◆
Commercial
service buildings
33,652
23,579
-27%
+43% ◆
We report Financed GHG emissions in accordance with the Global GHG Accounting and Reporting
Standard for the Financial Industry issued by the Partnership for Carbon Accounting Financials
(“PCAF Standard”) with the exception of the calculation of attributable annual GHG emissions
from residential and commercial service buildings to Vancity. The PCAF Standard requires an
attribution factor to be calculated using a loan-to-value ratio based on the property value at the
time of loan origination consistently over the life of the loan. Due to data limitations, we are
currently unable to obtain a consistent, historic property value to calculate the loan-to-value
attribution factor and therefore apply the most recent property value available which may impact
comparability year-over-year.
Our climate targets cover residential buildings and commercial service buildings: Residential
buildings include income-generating residential properties, i.e., residential buildings and units
owned by a business.
Financed emissions removals and avoided emissions
In addition to reporting financed emissions, we report avoided emissions from
clean energy projects. In 2022, our clean energy projects resulted in
approximately 5,743 tonnes of avoided emissions, the majority of which were
from geothermal, solar, and wind technologies. This is equivalent to removing
1,759 passenger vehicles off the road or eliminating 12,976 barrels of oil
according to National Resources Canada Greenhouse Gas Equivalencies
Calculator.
Read more on our clean energy financing
.
Vancity 2022 Annual Report 25 Accountability Statements
Products and services to reduce GHG emissions (FS8)
Product description/purpose
Target beneficiary
Vancity enviro
TM
Visa: 5% of net revenues
go to the enviroFund
TM
, which supports
local environmental projects
Community and environment
Planet-Wise
TM
Transportation Loan:
affordable financing options towards the
purchase of new/used zero and low
emissions transportation options
Members (reduced costs through
fuel efficiency) and the
environment (reduced GHG
emissions)
Planet-Wise
TM
Renovation Solutions:
affordable options to finance energy
efficient home improvements
Members (ability to reduce costs
through energy efficiency) and
the environment (ability to
reduce GHG emissions)
Planet-Wise
TM
Business Solutions: accessible
and affordable financing for energy-
efficient and climate friendly initiatives for
businesses
Business members (reduced
costs through energy efficiency
or increased revenues through
growth) and the environment
(reduced GHG emissions)
Planet-Wise
TM
Teardown Financing:
affordable financing for deconstruction,
which is the process of systematically
taking buildings apart by hand, and the
materials are sold or recycled, keeping
80% of the waste out of the landfill
Members (ability to reduce costs
through reselling materials),
environment (ability to reduce
building materials going to the
landfill), community (salvaged
materials can be used in local
construction)
Climate impact from lending activities
2022
2021
2020
2019
2018
Square feet of
energy efficient
buildings
financed
ft
2
617,024
720,133 216,169 482,493 1,437,007
Avoided
emissions from
clean energy
projects
tCO
2
e 5,743 4,317 3,330 3,225 4,187
ft
2
= square foot; tCO
2
e = tonnes of carbon dioxide equivalent.
Vancity 2022 Annual Report 26 Accountability Statements
Materials and waste
Beyond managing our greenhouse gas emissions, Vancity takes a holistic
approach towards addressing environmental sustainability by also accounting for
our impacts in waste management, water consumption, and procurement
management. Vancity is committed to minimising our environmental footprint.
Reduction of our consumption of natural resources, the production of waste
along with reuse and recycling of the materials we use are key.
Using paper with the highest post consumer waste proportion possible and then
minimising the amount of paper that is used help to minimise the GHG impact of
our paper use. Our printers are set to print double-sided. We have a
comprehensive recycling policy and program covering paper products (including
paper towels and disposable coffee cups, milk cartons, pizza boxes, etc.), as well
as glass, metal, plastic, batteries, toner cartridges, fluorescent tubes, light bulbs,
electronic equipment, furniture, and construction waste. We also have a
composting program.
We recycle, re-use, or donate furniture that has reached the end of its life at
Vancity. In addition, we have a list of environmental criteria for contractors to
follow when renovating or building new office locations. We also have criteria to
cover certain services. For example, we request paint made with low or no
volatile organic compounds as well as green products for cleaning.
Computer and technical equipment that has reached the end of its useful
lifecycle, either no longer working, or no longer meets the minimal performance
threshold is transferred to Quantum Lifecycles. Dependant upon the highest-
value reuse, materials are either resold, remarketed, or otherwise reused, or
responsibly disassembled and recycled. In 2020, we began tracking our e-waste
throughput, with consideration for setting baselines, reducing materials
discarded, and the e-waste stream has now been added to Vancity’s assured
waste numbers.
Vancity Centre and 49 branches are “net-zero waste.” Net-zero waste means no
waste is taken to the landfill. The little waste that we do have is taken to an
energy plant and burned to generate energy and our compost is turned into soil.
We have a battery recycling program available to our members and employees
where batteries are collected at Vancity Centre and branches.
Our Facility and Environmental Management department conducts waste audits
every two years to measure and track the volume and type of outputs from our
operations and employee activities. The results of these audits allow us to
implement additional programs and engage suppliers and employees in efforts
to reduce waste. Quarterly, our service provider weighs each waste stream at
each premise to facilitate accurate reporting throughout the year.
Paper use
Total paper use decreased six per cent because of continued utilization of digital
options and adoption of online statements. Challenges with sourcing paper with
a high recycled content was also reflected in the four-point drop in percentage of
paper use with recycled content.
2022
2021
2020
2019
2018
Internal office paper use
t
14
14
15
26
31
Other paper use
t
78
84
97
103
171
Total paper use
t
92
98
111
129
202
Percentage of paper use
with recycled content
%
76
80 83 58 73
Internal office paper use
per employee (FTE)
kg
6
6 6 11 13
t = tonne; kg = kilogram
Paper use is based on amount of paper purchased. Internal office paper Includes: letterhead,
copier, printer, and fax paper. Other paper includes member statements, marketing materials,
communication to members, business cards, and envelopes.
Waste generated, recycled, and diverted from the landfill
In 2022, premises waste increased 44 per cent likely due to more employees
becoming more comfortable to returning to the office to work and adjusting to
the pre-covid norm of having take-out foods and lunch celebrations at office and
branch locations. There was a significant decrease in waste from construction
and furniture as a result of fewer projects for construction and renovation.
Vancity 2022 Annual Report 27 Accountability Statements
Waste source and type
2022
2021
2020
2019
2018
Waste generated on
premises (actual and
estimated)
t
137
95 103 187 203
Recycled %
67
65 63 65 64
Compost
%
15
16
19
19
19
Waste to energy production
%
18
19
18
16
16
Waste to landfill
%
0
0
0
0
1
Construction waste
t
27
72
n/a
n/a
n/a
Reused
%
1
9
n/a
n/a
n/a
Recycled
%
65
60
n/a
n/a
n/a
Waste to landfill %
34
31 n/a n/a n/a
Electronic Waste
t
10
10
n/a
n/a
n/a
Reused
%
25
38
n/a
n/a
n/a
Recycled
%
75
62
n/a
n/a
n/a
Furniture waste
t
48
87
n/a n/a n/a
Reused
%
13
10
n/a
n/a
n/a
Recycled
%
78
45
n/a
n/a
n/a
Waste to landfill
%
9
45
n/a
n/a
n/a
Total waste from all sources
t
223
264
n/a
n/a
n/a
Waste per employee (FTE)
◆
kg
92
1
112
2
44
79
83
t =tonne; kg = kilogram.
1 Data includes all waste sources. Historic data is no longer comparable as they only include
waste generated on premises.
2 Externally assured waste per employee number only included waste generated on premise.
Data from locations with tracking systems was used to calculate the percentage of waste by type
for premises waste.
In 2022, one office tower and 54 branches in the lower mainland had tracking systems for all
streams of waste. Where there was no or minimal tracking systems, we estimated the waste.
Waste was estimated for three offices, five branches in the lower mainland and for mobile
employees using the waste per employee (FTE) calculated from the sites with data and multiplying
this by the number of FTEs at the location to be estimated and mobile employees.
The four main streams of premises waste materials include: glass, metal, and plastic; all-fibre
materials such as paper; compost; and waste that could not be recycled.
Water
To conserve water at owned facilities, we use water-efficient appliances, repair
water leaks as soon as is reasonably possible, and use water-efficient taps,
faucets, toilets, and urinals. We have set requirements for low water use in many
of our new buildings and track water use at facilities where water meters are
installed. Since 2018, we have been tracking and reporting on premises that have
a sub-water meter and continue to install new sub-water meters each year for
increased accuracy and time efficiency.
Total water withdrawal by source
2022
1
2021
2020
2019
2018
Water use at metered locations
ML
10
10
13
16
17
Estimated water use at non-
metered locations
ML
7
5 7 11 14
Total estimated water use
ML
17
15
20
27
31
Total estimated water use on
premises per employee
(thousands of litres per FTE) ◆
L
6.1
6.4 8.6 11.0 12.8
ML = megalitre; L = litre. All water is obtained from municipal water supplies.
1 The reporting period (October to September) was changed to align with a fiscal year (January to
December). Historic data is not directly comparable. Metered water use for 2022 was based on
data from 41 locations (38 branches, two office location and a data centre). Remaining 17 non-
metered branches and three office locations are estimated. We estimated the water use of each
non-metered location by applying the average usage per FTE at metered locations to the FTE at
non-metered locations (FTE’s with no assigned location were not included for estimation).
Vancity 2022 Annual Report 28 Accountability Statements
Responsible investment (3-3)
Ethical Principles for Business Relationships (2-24)
Who we choose to do business with and lend to has a deep impact on our
members’ communities. Our Ethical Principles for Business Relationships (EPBR):
1. We value accountable and sustainable business leadership that engages in co-
operative principles and practices.
2. We value economic and social inclusion for all people.
3. We value strong and resilient communities.
4. We value environmental and sustainability leadership.
Ethical Principles for Business Relationships
For every business relationship we enter, we look for alignment with our Ethical
Principles for Business Relationships and we look for ways to promote positive
social, economic, and environmental practices. Applying the Principles gives our
employees the ability to have values-based conversations with business partners
to truly understand how they contribute to their communities and to ultimately
make decisions about who we choose to partner with to build healthy
communities together. Where possible, we aim to help move organizations along
the spectrum into greater values-based alignment, rather than screening out. Our
relationship managers determine the alignment along with support from
Procurement and Contract Management.
Our procedures are risk-based: the more significant the relationship in terms of
dollars or profile, the deeper the level of analysis performed. Assessment
procedures have been integrated into existing policies and procedures where
possible, such as lending, account opening, and purchasing policies and
procedures. Vancity Internal Audit may periodically check performance. Training
and coaching resources are available to all employees to develop their skills for
asking thoughtful and engaging questions and having meaningful conversations.
Ethical Principles assessments consider the following criteria when determining
alignment:
- Ethical business practices
- Environmental, social, and community impact
- Environmental policies and net-zero commitments, practices, services,
and products
- Employee relations
- Supplier relations
- Labour practices
- Workplace conditions including employee safety and well being
- Community investment and partnerships
- Diversity
- Actions to take stand against racism
- Human rights
- Involvement in and exposure to controversial industries, sectors, and
business practices
Asset management and corporate engagement
As a signatory to the UN Principles for Responsible Investment
, we follow the
responsible investment (SRI) philosophy—that is, investing in companies that use
progressive environmental, social, and governance practices to manage their
business.
Vancity Investment Management’s philosophy
Responsible assets under management
Vancity Investment Management (VCIM) provides discretionary investment
management services to clients—individuals, unions, not-for-profits, foundations,
trusts, and other organizations. Through a strategic partnership with IA
Clarington Investments, VCIM’s sub-advisor group provides portfolio
management services to IA Clarington on the Inhance SRI Fund family, including
environmental, social, and governance investment analysis. IA Clarington Inhance
SRI funds are available to members through our branch network, as well as
nationally through IA Clarington’s distribution network. Our responsible assets
under administration form part of our triple bottom line assets, see Annual
Report p. 22.
Vancity 2022 Annual Report 29 Accountability Statements
Corporate engagement (FS10, FS11, FN-AC-410a.3)
Vancity Investment Management engagement reports
On behalf of Vancity Investment Management and the IA Clarington Inhance SRI
Fund family, VCIM’s sub-advisory group leads corporate engagement and
shareholder advocacy activities to champion change in the companies in which
members and clients invest. VCIM engages with companies to both mitigate
potential negative impacts and to create potential positive impacts. This is
conducted through a combination of direct dialogue with companies, supporting
collaborative engagements alongside other investors and through filing
shareholder resolutions with companies. In 2022, the sub-advisor group engaged
with companies on issues of climate risk, environmental justice, fossil fuel
financing, freedom of association, human rights, biodiversity, corporate
governance, access to medicine, paid sick leave, and facial recognition
technology. These engagements included filing shareholder resolutions with five
banks, two technology companies, one apparel company, one waste
management company, and one consumer staples company.
We also use shareholder proxy voting to influence corporate management
regarding our SRI principles. In doing so, we work in collaboration with
Shareholder Association for Research and Education (SHARE)
. SHARE provides us
with expert proxy research and informed vote recommendations on governance,
environmental, and socially responsible issues. This allows us to employ an
effective, consistent, and comprehensive corporate governance and socially
responsible proxy voting process on behalf of our clients.
2022
2021
2020
2019
2018
Number of companies in portfolio
with which Vancity Investment
Management’s sub advisory group
interacted
#
32
43 36 32 40
Percentage of companies in
portfolio with which Vancity
Investment Management’s sub-
advisory group interacted
%
23
28 19 21 26
Profit
Financial and economic performance (3-3)
For our approach and more on our performance see 2022 Annual Report
, ‘Overall
financial outlook’, p. 24.
Also, see Vancity’s 2022 Consolidated Financial Statements
.
Key financial data and ratios (2-4, FN-AC-000.B)
For an explanation of financial performance including return on average
members’ equity and the efficiency, liquidity, and capital adequacy ratios, see
2022 Annual Report, ‘Overall financial outlook’, p. 24.
2022
2021
2020
2019
2018
Return on average
members’ equity (ROME) -
business results ◆
%
6.2
9.3 4.3 5.6 7.9
ROME after taxes and
Shared Success
distributions to members
and communities ◆
%
4.6
7.0 3.2 4.5 6.3
Total assets ◆
$ 28.3B 26.6B 24.9B 23.2B 22.9B
Assets under
management or
administration
(AUM/AUA)
1,2
◆
$ 6B 6.6B 5.6B 5.1B 4.5B
Total assets and
AUM/AUA
2
$ 34.3B 33.2B 30.5B 28.2B 27.4B
Equity to Total Assets
% 5.7 5.9 5.9 6.0 5.8
Net income before tax
and distribution
$ 112M 176.4M 65.3M 93.5M 116.5M
Vancity 2022 Annual Report 30 Accountability Statements
Efficiency ratio
2,4
◆
% 76.4 74.2 79.2 78.1 76.2
Liquidity ratio
% 14.1 13.6 16.9 13.1 13.4
Capital adequacy ratio
%
14.1
14.2
14.7
14.7
14.8
Allowance for credit
losses as a percentage of
total loans
% 0.4 0.4 0.6 0.4 0.4
Return on average assets
% 0.3 0.4 0.2 0.3 0.4
Net interest margin (net
interest income as a
percentage of average
interest earning assets)
% 1.7 1.9 1.9 1.9 2.0
Net interest income as a
percentage of operating
revenue
% 81.5 81.8 82.4 82.1 83.5
Percentage of member
loans funded by member
deposits
5
% 87 90 96 86 84
Gross impaired loans as a
percentage of total loans
2
% 0.15 0.04 0.43 0.57 0.46
Low Quality Assets
3
% 0.13 0.03 0.35 0.48 0.38
Real Economy Revenue to
Total Revenues
% 80.4 85.0 78.5 79.8 84.1
Data is derived from or is calculated using data from Vancity’s assured consolidated Financial
Statements unless otherwise stated.
1 Includes client investments managed or advised on by Vancity Investment Management and
investments made by members administered by the credit union’s wealth planners at Vancity
branches through Credential Asset Management Inc., Credential Securities Inc. and clean energy
and energy efficiency loans originated and administered by CoPower Finance to borrowers in
CoPower Finance Inc.
2 This metric was assured for the first time in 2020. No assurance was obtained on prior years.
3 Effective 2018, gross impaired loans are based on Stage 3 loans per IFRS 9. Prior year data has
not been restated. 2018 restated to reflect 2019 calculation.
4 Data prior to 2021 has been restated to reflect 2021 calculation method. The 2021 calculation
no longer includes distribution to community.
5 Calculation has changed from 2021. We have changed from using average balances for demand
deposits to using month end balances for demand deposits. This has minimal impact on the
Member Portfolio Funding Ratio.
Triple bottom line assets and assets under administration (TBLAA) (2-4, FS7,
FS8)
Our Triple bottom line assets and assets under administration metric is modeled
after the work of the Global Alliance for Banking on Values. This measures how
much of Vancity’s assets are allocated towards building healthy communities.
2022
2021
2020
2019
2018
TBLAA
1
assets and assets
under administration
(billions) ◆
$
11.0
10.7 8.9 7.8 6.9
TBLAA as % of overall
Vancity assets and assets
under administration
%
32
32.3 29.0 27.6 25.1
TBLAA as a % of total
growth
%
23
69
2
47 n/a n/a
1 Includes triple bottom line assets from the asset categories in the table below.
2 2021 restated to correct a previous reporting error.
TBLAA asset categories – impact assets as a percentage of total assets in
each category
TBLAA is a composite measure of the percentage of on- and off-balance sheet
assets invested in impact. It is comprised of the six asset categories in the table
below.
2022
2021
2020
2019
2018
Business lending % 48 48 49 49 48
Consumer loans
%
3
3
3
3
3
Residential mortgages
%
24
24
20
17
15
Owned premises
%
89
89
81
78
79
Member/client investments
that we manage or administer
on their behalf
%
44
41 36 33 33
Treasury
%
19
23
20
24
18
For the definition of impact in each asset category, see the Glossary.
Vancity 2022 Annual Report 31 Accountability Statements
TBLAA asset categories – values of impact assets
(millions)
2022
2021
2020
2019
2018
Business lending
$
3,780
3,619
3,322
3,194
2,980
Consumer loans
$
22
20
15
21
17
Residential mortgages
$
3,764
3,551
2,586
2,094
1,806
Owned premises $
27
29 27 27 28
Member/client investments
that we manage or
administer on their behalf
$
2,663
2,704 1,991 1,689 1,479
Treasury
$
711
781
914
763
596
For the definition of impact in each asset category, see the Glossary.
Clean revenue
Clean revenue is a metric defined by Corporate Knights. It represents revenue
earned from interest on impact loans, impact investment income, and
sustainable wealth management investments, which are all categories of TBLAA.
(Millions of dollars)
2022
2021
2020
2019
2018
Clean revenue
$
237
213
200
1
222
109
1 restated to reflect updated Corporate Knights methodology.
Supporting local communities (3-3)
Shared Success allocation to members and communities
Each year, we give back the equivalent of 30% of our net income through our
Shared Success program. We share net income with our members in the form of
share dividends, loan rebates, and bonuses on deposits and investments
($16M*), and with our community in the form of grants and donations, ($16M*).
This includes an annual donation to the Vancity Community Foundation
.
(millions of dollars)
2022
2021
2020
2019
2018
Total Shared Success
allocation to members and
communities
$
22.1
31.9 13.9 18.3 24.2
Shared Success allocation as
a percentage of net income
attributable to members
%
30
30 30 30 30
We extracted data from, or calculated these amounts using, data derived from the assured
consolidated Financial Statements. Consistent with all items reported on the Statement of
Operations in the summarized and consolidated Financial Statements, community donations
were recorded on an accrual basis. Allocations made in the current year will be distributed to the
community in the future. *Corrected May 10, 2023
Shared Success allocation to the community by program (2-4)
(thousands of dollars)
2022
2021
2020
2019
2018
Systems Transformation
Grants
$
13,139
5,345 3,835 9,395 12,385
Community responsive
grants
$
1,472
775 167 221 226
Credit card earnings
allocated to Vancity’s
enviroFund
TM
$ 776 887 735 1,026 269
Annual donation to the
Vancity Community
Foundation
$ 500 350 350 350 350
Special projects/other
$
891
1,294
1
161
291
659
2
Total community
allocations
$ 16,778 8,651 5,248 11,284 13,889
Vancity 2022 Annual Report 32 Accountability Statements
1 Restated to include the Vancity Community Investment Bank donations.
2 Restated to include donation to the Greater Victoria legacy fund.
Business relationships and value chain (2-6)
Vancity is a financial co-operative serving personal and business members in BC
with banking services (deposit-taking and lending), commercial mortgage
lending, and investment advice and services. Our supplier relationships include
wholesalers, manufacturers, and contractors. In 2022, our largest spending was
in information technology for both software and hardware solutions, and in
consultancy services for strengthening critical capabilities and obtaining expertise
for specific projects. We have long-term relationships with our suppliers that are
core to the delivery of services to our members and short-term business
relationships for project-based deliverables or acquiring services or products as
needed.
We participate in different activities with organizations that aim to increase
positive impact across our value chain. These business partners are located in
different parts of Canada, and they help to support or provide strong frameworks
for us to achieve our goals and vision. Some of these include the Canada Green
Building Council (Leadership in Energy and Environmental Design certification),
Canadian Council for Aboriginal Business (Progressive Aboriginal Relations
certification), and the Living Wage Campaign (Living Wage Certification).
Changes in supply chain
We have begun building a framework for engaging with suppliers to incorporate
our commitments to net zero, diversity, equity, and inclusion, as well as
partnering with more aboriginal businesses as part of our reconciliation strategy.
We have also mapped better controls to ensure risks related to relationships with
suppliers are addressed accordingly.
Openings, closings, and relocations of branches (PAS)
Branch Openings
• Lonsdale Community Branch (Br. 72)
1
Branch Relocations
• n/a
Branch Closures
• n/a
ATMs Opened
• 1 ATM at Lonsdale Community Branch (Br. 72)
ATM Relocations
• n/a
ATMs Closed
• 1 ATM removed at Burnaby Heights Community Branch (Br. 6)
• 2 ATMs removed at Granville Island
1 Opened to the public in January 2023
Suppliers
In 2022, there was a decrease in the overall number of suppliers by roughly seven
per cent as we consolidated some information technology purchases and
decommissioned some vendors related to CoPower operations.
Spending according to location of suppliers increased by just over one per cent.
While there was a significant decrease in spending on suppliers in the rest
Canada, spending in BC saw a significant increase, which was an organic shift
given the ability to engage consultancy services that work remotely.
2022
2021
2020
2019
2018
Total value of managed
purchases by region
(millions of dollars)
$
128.1
126.3 128.4 130.4 131.9
Locally based
%
68
63
63
65
64
Vancity 2022 Annual Report 33 Accountability Statements
Rest of BC
%
<1
<1
2
<1
1
Rest of Canada
%
16
19
24
18
21
USA/other %
16
17 11 17 14
Total number of suppliers
by region
#
768
826 889 1,028 1,126
Locally based
#
498
517
562
673
804
Rest of BC
#
21
15
21
26
26
Rest of Canada
#
147
201
207
221
194
USA/other
#
102
93
99
108
102
We determine locally based by using the “remit to" postal code shown on supplier invoices and
the following criteria: the supplier has a local representative, a local store and/or local warehouse
within the community where our branches operate.
Managed purchases: goods and services procured by Vancity, for which decision-making and
oversight are performed internally. These figures don’t include payments made to the
government, (municipal, provincial, or federal) or costs associated with the lease of premises
where Vancity has a place of business.
Community impact loans (FS7, FS8)
We seek to do business with organizations or finance projects that align with our
three guiding principles of co-operative principles and practices, social justice and
financial inclusion, and environmental sustainability.
We have a variety of community impact lending programs. Broadly speaking,
community impact loans are those we provide to specific types of organizations
or within specific sectors that we believe improve the wellbeing of people and the
community. We have internally developed guidelines
to help guide what we
categorize as community impact loans. Loans can be commercial real-estate
loans, business loans (including loans to not-for-profit organizations, social
enterprises, and co-operatives), or micro-loans. The outstanding balances from
these loans form part of our triple bottom line assets, see
p. 30.
Impact lending and investing
Community grants (PAS)
As well as financing, we provide grants to help organizations. The goal of our
grants is to support not-for-profits, social enterprises and impact businesses
build capacity and increase knowledge to help them reach their mission and/or
financial goals, while helping to build a vibrant community.
In 2022, we approved grants for 393 not-for-profits and impact businesses
totaling $14.1 million. By engaging with community partners, we were able to
identify opportunities to maximize funding impact to those needing crisis support
or support to pivot their organizations. In response to this, we revised how we
allocate our Shared Success funds with a view to supporting our members
through and beyond the current challenges.
2022
2021
2020
2019
2018
Community grants approved
(millions)
$
14.1
8.7 4.6
10.4 12.4
Community grants approved for distribution, by primary impact area
Vancity Partnership Funding Programs
2022
2021
2020
2019
2018
Indigenous communities %
14
15 13 13 9
Energy and climate
%
24
16
26
22
13
Financial resilience and equity
%
24
6
23
16
17
Sustainable business and orgs
%
17
23
22
16
18
Affordable housing %
7
10 15 33 43
Sustainable jobs
%
14
7
n/a
n/a
n/a
COVID-19 response
1
%
n/a
13
n/a
n/a
n/a
Other
2
%
n/a
10
n/a
n/a
n/a
A grant may fall in more than one impact area. For definitions of impact area terms, see the
Glossary.
1 In 2021, Vancity set up a special COVID-19 response fund to support small business and not-for-
profit members struggling with another wave of COVID-19.
2 Includes Vancity's annual donation to VCF ($350,000), Community Branch Grants, Pigeon Park
Funding, Accounting Adjustments and Lighter Living grants that do not align well with the above
focus areas.
Vancity 2022 Annual Report 34 Accountability Statements
3 New categories were identified in 2021, Sustainable jobs was isolated from energy and climate,
while COVID-19 response and Other were new.
Taxes paid and payable (PAS)
(millions of dollars)
2022
2021
2020
2019
2018
Federal taxes
$
9.6
14.4
15.9
13.8
19.2
Provincial taxes $
1.7
2.5 3.3 7.4 3.1
Total taxes paid or
payable
$
11.3
16.9 19.2 21.2 22.3
Current tax expense
$
19.9
18.4
13.5
16.8
18.0
Deferred tax expense
$
(5.6)
17.9
(10.2)
(4.7)
(8.5)
Total income tax
expense
$
14.3
36.3 3.3 12.1 9.5
Loss utilization is the ability to obtain relief for losses incurred in prior years. These amounts do
not include tax losses carried forward or back. This is subject to tax laws and may be different
from accounting rules governing when losses can be recognized.
Tax relief or tax credit received from government (201-4)
Credit unions in BC are eligible for the small business tax rate, which is calculated
based on a percentage of our member shares and deposits. The amount of credit
union deduction fluctuates from year to year depending on the size of our
member shares and deposits. Like most large organizations in BC, Vancity is
taxed at a standard rate of 27 per cent (15 per cent federal and 12 per cent
provincial). However, as a BC credit union, Vancity is also eligible for a reduction
of the provincial rate of up to 10 per cent. The actual amount of the reduction is
based on a prescribed formula that is driven by a “maximum cumulative reserve”
that is increased by any shares issued and by the growth of any amounts owing,
including deposits, to our members. The value of the credit union deduction is
shown in the table below. The taxes paid and payable figures (above) already
account for the decrease in tax as a result of the credit union deduction.
The Scientific Research and Experimental Development (SR&ED) program tax
credit is a reduction of our taxes paid to the government. Generally, SR&ED tax
credits received are dollar for dollar, and as a form of government assistance,
they are subject to income tax whereby parts of the SR&ED credits get added
back to following year’s tax return.
Reported figures for taxes paid and payable (above) do not include tax credits
received from the SR&ED program. The credits are disclosed separately in the
table below.
(millions of dollars)
2022
2021
2020
2019
2018
Value of additional
deduction for credit unions
$ 5.8 9.1 9.4 3.6 12.2
Value of SR&ED/Investment
tax credit
$ n/a 0.9 0.9 0.9 0.4
Does not include the increase in tax due to SR&ED incentives received being taxable income.
SR&ED amounts are unknown for the current year.
Vancity 2022 Annual Report 35 Accountability Statements
Governance (3-3)
For our approach see 2022 Annual Report
, ‘Governance,’ p. 31.
Values-based banking
Co-operative model
Board of Directors, including meeting attendance
.
Board of Directors (2-12)
Vancity’s highest governance body is the Board of Directors
, along with the
Executive Leadership Team, this forms the structure that develops, approves,
updates the Organizations purpose, value, mission statements, strategies,
policies, and goals related to sustainable development. The Board of Directors is
legally responsible for the management of Vancity’s business and its affairs. It has
the statutory authority and obligation to protect the assets of Vancity in the
interest of all members. It is accountable for the stewardship of the credit union
and must take all reasonable steps to ensure the safety, stability, and
sustainability of Vancity. The responsibilities of the Board and its committees can
be on
Good Governance in practice.
The process for determining composition, qualification, and expertise of Board
members and committees that develop Vancity’s governance structure are found
within the Candidates’ Information Package.
The Board’s role in managing impacts, values, and strategy can be found in its
many Terms of Reference
.
The Board considers the legitimate interests that stakeholders such as
employees, suppliers, members, and communities may have in Vancity. It calls on
expert advice to offer an opinion when required. It receives reports of insights
from various engagements with members and others, such as results of surveys
and focus groups. All this may influence Directors’ views of risks and
opportunities.
A senior management committee structure provides effective oversight and risk
management of the principal risks and impacts affecting Vancity. The Risk
Management Committee consists of the Chief Executive Officer, Chief Risk
Officer, Chief Financial Officer, Chief External Relations Officer, Chief Member
Services Officer, Chief Technology & Information Officer, and the Chief Equity and
People Officer.
The board is composed of nine directors, and 100 per cent of them are
independent. Director attendance can be found in our
Annual Reporting to
members. Ways in which members and employees can provide input is outlined
in Vancity's Rules, specifically rule 8.1 found in Ordinary and Special Resolutions.
Special Resolutions can be brought forward by the membership under the Credit
Union Incorporation Act S.77 (1). Information regarding this is disseminated to
the members in the Election Bulletin, printed in April every year.
Board diversity (2-9, 405-1)
BM
2022
2021
2020
2019
2018
Women % 26
67
67 56 78 89
Transgender or non-
binary
%
0
0 n/a n/a n/a
Aged under 30
%
0
0
0
0
0
Aged 30-50
%
44
56
44
44
33
Aged over 50 %
55
44 56 56 67
Person with a disability
%
0.6
11
0
0
0
n/a
Indigenous person
%
0.9
11
0
11
0
n/a
Black, person of colour
%
8.3
44
56
56
44
44
2SLGBTQIA+ %
22
11 22 11 n/a
Vancity’s Board of Directors is elected by our members. Data is based on nine board members.
Additional Board of Directors diversity segment tracking was introduced in 2019 and 2021.
Benchmark (BM) source: Osler’s 2022 Report on Diversity Disclosure Practices
Vancity 2022 Annual Report 36 Accountability Statements
Member participation in elections and other engagement (2-29)
Board elections
Elections
BM
2022
2021
2020
2019
2018
Number of eligible
members who
voted
#
26,705
33,303 31,070 13,461 14,770
Percentage of
eligible members
who voted
% 1.6
5.2
6.7 6.4 2.8 3.2
Benchmark (BM) source: Central 1 Credit Union, 2010 AGM Study for Canadian Credit Unions.
Engagement
Engagement builds trust and strengthens relationships. It also helps us
understand our business better, including identifying risks and highlighting
opportunities. For more on our approach to engagement with members, see
‘Member satisfaction and member feedback’ on p. 3
.
For engagement with members and employees on our Annual Reports see
‘Material topics and determining report content,’ p. 43.
Percentage of members surveyed who rate Vancity 9 or 10 out of 10 for
ensuring they have a say in Vancity’s growth and future direction
2022
2021
2020
2019
2018
Personal members
%
37
50
50
43
37
Examples of how we engage with our stakeholders (2-29)
Members are both Vancity’s owners and customers, and our most important and
influential stakeholders. Other key stakeholders include employees (who are also
members and owners), the communities in which we operate, and governments,
including our regulators.
We use a variety of formal and informal approaches to gather feedback, discuss
issues and collaborate with members, employees, peers, community groups and
thought leaders. Many of our employees, leaders and Board Directors meet
regularly with members through their day-to-day work, at community events or
through volunteering.
Key stakeholders and ways we engaged with them in 2022
Members
Insights: Online member panel, post-transactional surveys,
focus groups, social media and one-on-one in-depth member
interviews.
One-on-one: through our branches, by phone, in writing and
online, our employees are available to listen and respond to
members. Providing financial literacy workshops for retail and
business members (Each One, Teach One, etc.)
Co-operative governance: members can speak with Directors,
be a candidate in and vote in Board Director elections, and
attend and make resolutions at the Annual General Meeting
Employees
Insights: surveys, interviews, focus groups
Internal engagement: intranet, manager/divisional/ team
meetings, orientation-immersion, quarterly performance
updates with executive and managers, surveys, focus groups,
executive branch visits
One-on-one: managers are encouraged to meet regularly with
their direct reports and their direct reports’ direct reports.
Vancity 2022 Annual Report 37 Accountability Statements
Community
Insights: surveys and focus groups on an ad hoc basis; direct
stakeholder engagement on shared areas of interest,
including climate commitments and energy retrofits, which are
integrating into organizational strategies.
Partnerships: Longstanding partnerships with many
community groups and collaborations on shared areas of
impact in service of a cleaner and fairer world.
One-on-one: meet regularly with community groups. Provide
grants and sponsorships to not-for-profits and community
groups. Regularly participate in community events. Many
Vancity employees sit on the Boards of community groups or
are involved in working groups.
Engagement: Direct consultation with community
organizations, specifically those representing underserved
communities, to understand the disproportionate impact of
climate change on the most marginalized and to integrate
those perspectives into the development of products and
services, strategies, and policies.
Governments Vancity regularly meets with and advises officials and
policymakers at every level of government to advance our
commitment to building a cleaner and fairer world, and in
service of our members, business, and regulatory needs.
Regulators
Meet and correspond regularly with our regulators. Formally
report on performance and respond to their questions.
Other stakeholders and ways we engaged with them in 2022
Competitors
and peers
Work with peers on issues of common interest through
industry and other working groups and committees, including
Central 1 and the Global Alliance for Banking on Values.
Contribute to Thought Leadership by engaging on panels and
public dialogue with other financial institutions on ESGs
Suppliers
and business
partners
“Request for proposal” process. Ethical Principles for Business
Relationships. Our supplier relationship managers have
meetings as needed to discuss contractual obligations and
delivery, as well as providing information on becoming a Living
Wage employer
Public
interest
groups
Fund and/or work together on advocacy initiatives. Monitor
and respond to specific issues as they are raised.
Identifying stakeholders (2-29)
We last revised our categorization of stakeholders in 2011 when we undertook a
comprehensive inventory of how we engaged with stakeholders. We initiated a
formal stakeholder mapping exercise in 2022, which we plan to complete in 2023.
Risk Management
Vancity’s Board approved Enterprise Risk Management (ERM) framework enables
a structured and strategic approach to understand risk and opportunities from
the perspective of the entire organization. To balance innovation, strategy and
risk, our executive-level decision-making structure requires a deeper
understanding of risk.
We utilize the Risk Appetite Framework (RAF) to identify, assess, and prepare for
potential losses, dangers, hazards, and other risks that could potentially harm or
disrupt our ecosystem of members and communities. This gives us the ability to
be bolder within the parameters of our regulatory requirements as defined in our
ERM and RAF frameworks.
The RAF is implemented through Vancity’s operational policies, procedures,
internal controls, reporting structures, and oversight functions, thereby
embedded into our core processes and operations. Using relevant key risk
indicators, risks are monitored at the enterprise level and reported to Senior
Management and the Board of Directors on quarterly basis. This allows our
leaders the opportunity to make timely informed decisions.
Vancity 2022 Annual Report 38 Accountability Statements
Lending (2-23, FN-MF-450a.3)
Because we have deep roots in relationship banking and understand the needs
of the real economy, we see some risks differently.
We manage key lending risks, including social and environmental risks, through
our lending and investment policies, which are aligned to our Ethical Principles
for Business Relationships. Beyond risk management, we take a proactive
approach to lending and seek to do more business with organizations that
benefit their communities.
Our Lending Policy requires us to consider social and environmental issues.
Environmental risk procedures require employees to exercise due diligence in
identifying environmentally risky situations. Loan underwriting must include an
assessment of the potential financial, legal, and reputational risks associated with
these issues. We reserve the right to decline financing for business/commercial
activities that, while technically in compliance with laws and regulations, may
have significant adverse environmental or social consequences.
Social and environmental risks of business banking loans and commercial
mortgages are assessed at the time of the loan application, guided by our Ethical
Principles for Business Relationships and lending policies, and subject to
environmental due diligence. When managing risk for lending to any type of
business, we take additional precautions, such as more frequent and in-depth
monitoring. For commercial mortgages and our larger business banking loans,
site and/or business visits are a mandatory pre-funding condition. These visits
can identify environmental and social issues.
Our personal, commercial, and business lending areas are subject to internal
audits scheduled based on the degree of risk they pose. To the extent that
regulatory and strategic risks are addressed by environmental and social policies,
the controls that ensure compliance are reviewed and tested by Internal Audit, as
required. Staying abreast of changes in the external environment and developing
the capabilities necessary to address these is integral to maintaining our
professional standards.
Business and commercial loan portfolio (dollars outstanding) by North
American Industry Classification System (2-4, FS6, PAS)
British Columbia
2022
2021
2020
2019
2018
Accommodation and food
services
%
2
2 3 3 3
Construction
%
12
10
12
15
17
Health care & social
assistance
%
4
4 4 3 3
Manufacturing
%
1
1
1
1
1
Other %
17
10 9 10 11
Other services
%
0.02
7
6
5
5
Professional, scientific &
technical
%
1
1 2 2 2
Real estate, rental &
leasing
%
61
62 61 57 54
Retail trade
%
1
1
1
1
1
Transportation &
warehousing
%
1
1 1 1 1
Wholesale trade
%
2
1
2
2
1
Outside of British Columbia
(Vancity Community Investment Bank)
Construction
%
17
15
1
6
11
11
Health care and social
assistance
% 0.4 1
1
1 1 0
Utilities
%
4
n/a
n/a
n/a
n/a
Real estate, rental &
leasing
%
66
75
1
90 88 89
Other
%
12
9
1
3
-
-
1 Percent business loans per sector for Vancity Community Investment Bank were restated for
2021 due to errors in data calculations.
2019 figures updated due to previous error in classification.
Percentages may not add up to 100% due to rounding.
Vancity 2022 Annual Report 39 Accountability Statements
Climate change risk
As a pioneer in values-based banking, Vancity has long recognized climate change
and society’s response as a critical issue. We believe the need for climate action is
urgent, and we are committed to advancing the transition to a low-carbon
future. This is embedded in our commitments to climate action. See our Climate
Report, p. 14.
Vancity reports climate risk aligning to the recommendations of the Task Force on
Climate-Related Financial Disclosures (TCFD). TCFD reporting covers our
approach to managing climate-related risks and opportunities and is in our
Climate Report.
Public policy and advocacy (2-29, 2-24)
As a member-led, values-based financial institution, Vancity works in concert with
community and corporate partners and all levels of government toward building
a cleaner, fairer world, and in service of our members, business, and regulatory
needs. Areas of focus include the climate crisis, financial inclusion, and
Reconciliation and anti-racism initiatives. Vancity engages with government
through submissions to consultations, participation in advisory bodies and
roundtables, and other connections with elected officials and public servants. We
also build coalitions with stakeholders who share our goals, and work with
community partners to inform research and initiatives that serve to illuminate
and elevate the profile of our advocacy priorities.
All advocacy opportunities are filtered through our organizational business plan,
with a focus on those that influence systems change in priority areas of
importance to our members and communities.
For specific examples of our public policy advocacy efforts, see our 2022 Annual
Report, p. 34 and Climate Report, p. 13.
Political activities
A Board-level policy governs political activities and registerable contact with
public office holders for advocacy purposes.
Vancity is a non-partisan organization and does not permit the use of corporate
resources for political activities.
Key memberships in associations and advocacy organizations (2-28)
Note: Vancity’s positions on key issues are not necessarily the same as the
associations’.
50-30 Challenge
BC Co-operative Association
BC Living Wage for Families Campaign
BC Non-profit Housing Association
BC Poverty Reduction Coalition
Building to Electrification Coalition
Business Council of British Columbia
Canadian Bankers Association
Canadian Business for Social Responsibility (CBSR)
Canadian Centre for Policy Alternatives (BC Office)
Canadian Council for Aboriginal Business
Canadian Credit Union Association
Carbon Disclosure Project
Central1 Credit Union
Ceres Investor Network
CFA Institute
Climate Action 100+
Climate Change Commitment
Climate Engagement Canada
Columbia Institute
Co-operative Housing Federation of BC
Credit Union Foundation of British Columbia
Embedding Project
FACE (Federation of African Canadian Economics) Coalition
Finance for Biodiversity
Glasgow Financial Alliance for Net Zero (GFANZ)
Global Alliance for Banking on Values
Global Reporting Initiative (GRI Community)
ICCR (Interfaith Centre for Corporate Responsibility)
IEHN (Investors Environmental Health Network)
IFRS Sustainability Alliance
International Cooperative Entrepreneurship Think Tank (ICETT)
Vancity 2022 Annual Report 40 Accountability Statements
Investor Action on AMR
Mortgage Investment Association of BC
Multi-Agency Partnership
Net Zero Asset Managers Initiative
Partnership for Carbon Accounting Financials
Portfolio Management Association of Canada
Presidents Group
Realize Strategies Co-operative
Responsible Investment Association
South Island Prosperity Partnership
Sustainable Finance Action Council
UN PRB’s Collective Commitment to Climate Action
UN Principles for Responsible Banking
UN Principles for Responsible Investment
UN Race to Zero
UNEP Finance Initiative
UNEP FI Leadership Council
UNEP FI Net-Zero Banking Alliance
Urban Development Institute (Pacific Region)
Vancity is also a member of several local boards of trade, chambers of commerce
and business improvement associations.
Board remuneration (2-19, 2-20)
Director remuneration is usually approved every three years by the membership
at the Annual General Meeting (AGM). The Directors' Remuneration Ad hoc
Committee reviews Director remuneration and makes a recommendation to the
membership for approval. This Committee comprises three appointed general
members who are unaffiliated with, and independent from, the Vancity Board of
Directors. The committee reviews Board Directors’ remuneration to ensure it
continues to be appropriate for the credit union and reflective of the level of
responsibility our Directors hold, and the expertise and time it takes to carry out
those responsibilities.
For more on our approach see Directors’ remuneration and expenses
.
Senior management and CEO compensation (2-19, 2-20)
The Board of Directors has the responsibility for monitoring and evaluating the
performance of our President and Chief Executive Officer (CEO) and for
determining the President and CEO’s compensation. The Board sets a
compensation philosophy for Vancity and ensures that the compensation for the
President and CEO, and senior management, is appropriate in relation to
organizational needs and sector comparisons. The Board’s Human Resources
Committee leads the evaluation and compensation process for the President and
CEO.
Contractual severance provisions include one-year notice of termination or pay in
lieu, plus one additional month’s notice or pay in lieu for each additional full year
of employment to a maximum of twenty months’ notice or pay in lieu.
See 2022 Annual Report, ‘Senior management and executive compensation,’ p.
36.
CEO compensation
President and Chief Executive Officer compensation
2022
2021
2020
2019
2018
Total
compen-
sation
$
1,125,684
1,033,810 705,477
1,2
1,050,152 1,040,078
The BC Financial Services Authority (BCFSA) is British Columbia’s regulatory agency for credit
unions. BCFSA’s compensation definition includes base pay and variable pay (short- and long-
term incentive plan) and excludes pension and benefits/perks.
1 Reflects change in CEO mid-year and associated compensation effects.
2 Restated to reflect updated long term incentive plan.
Vancity 2022 Annual Report 41 Accountability Statements
President and Chief Executive Officer compensation compared with lowest
entry-level employee compensation
2022
2021
2020
2019
2018
Ratio of Vancity’s CEO compensation to
our lowest paid permanent full-time
employee
25:1
23:1 18:1 28:1 28:1
CEO compensation includes base pay and variable pay (short- and long-term incentive plan) and
excludes pension and benefits/perks.
Entry-level employee compensation includes base pay and profit share and excludes benefits.
President and Chief Executive Officer annual compensation compared with
median annual compensation for all employees (2-21)
The median employee pay is the pay of the employee in the middle when
employee pay is ranked from highest to lowest. Many organizations focus on the
ratio of Chief Executive Officer pay to median employee pay. 2021 was the CEO’s
first full year in the position. GRI’s compensation definition for our President and
Chief Executive Officer includes base pay, variable pay (short- and long-term
incentive plan) and benefits/perks. It excludes pension. Median employee
compensation includes base pay, profit share or variable pay and benefits.
2022
2021
2020
2019
2018
Ratio of Vancity’s CEO compensation to
median annual total compensation for
all employees
14:1
13:1 10:1 15:1 15:1
President and Chief Executive Officer percentage increase in annual total
compensation compared with median annual percentage increase in
annual total compensation for all employees (2-21)
2022
2021
2020
2019
2018
Ratio of Vancity’s CEO percentage
increase in annual total
compensation to median annual
percentage increase in annual total
compensation for all employees
12:1
4.8:1 -6.4:1 0.6:1 0.6:1
Reporting principles and other information
Reporting principles
We apply the following principles to the data we report:
• We report data for Vancity unless otherwise stated. Vancity refers to
Vancouver City Savings Credit Union and its subsidiaries – see
2022 Annual
Report ‘Structure and executive leadership team,’ p. 35.
• We report data for the calendar and fiscal year January 1 to December 31.
• We include five years of data where comparable and available (for new
indicators added in the reporting year as well).
• If data increases or decreases by a material amount from the prior year, or if
over five years data is trending up or down, we include an explanation in the
Accountability Statements or in the business review of Vancity’s
2022 Annual
Report. We consider a material amount to be either +/- five per cent, or an
amount we or our third-party survey providers consider to be a statistically
significant variance for survey results.
• We include external industry benchmarks from sources we consider to be
reliable, where meaningful and available, to provide context for our
performance.
• We disclose in the table notes if data is estimated or based on extrapolation,
and we provide details of the estimation or extrapolation.
• For relevant disclosures, we follow the protocols contained in the GRI’s
sustainability reporting standards unless otherwise stated. When
requirements change, we restate data and include a minimum of three years
of data, where available.
• We’re continuously improving our non-financial data tracking and reporting
processes. Sometimes this means that while data quality improves, we may
lose comparability of data over time. In these cases, historical data is either
omitted, recalculated (if possible), or included with an appropriate table note
if we think showing the historical data is of value. We indicate restatements
and omissions of data in the table notes
• Details for approach to climate metrics, see our Climate Report.
Vancity 2022 Annual Report 42 Accountability Statements
Survey data
The following describes some of the key surveys we use to gather data.
Member relationship health survey: A confidential telephone/email survey
conducted monthly by Panalytics Research. We report an annual (average of all
quarters) score of percentage of members responding nine or ten from a scale of
one to ten. See data tables with specific scores, margins of error and levels of
confidence.
Member Services Centre quality tracking survey: A telephone survey
administered by SQM Group. Call centre customer satisfaction (CSat) is the
percentage of members who answered “very satisfied” (top box response) about
their overall call centre experience. We report a year-to-date (as of December 31)
cumulative score. The margin of error in 2022 was +/- 3%.
Employee Engagement Score and New Employee Experience Score: The
Employee Engagement score is derived by Kincentric (survey administrator) as
the percentage of employees with a score of 4.5 out of 6 on six standard
questions asked in the survey.
For the new employee experience survey, there are four questions that go into
the overall Employee Experience Score. Each question has a per cent of
respondents that answer favorably. Employee experience is the average of the
four favourability per cent scores.
HR Diversity survey: A confidential survey tool to capture the diversity of our
employees. All employees are asked to participate in the survey tool; however,
disclosure of diversity information is voluntary. To create a more inclusive and
accurate survey tool, nearly 50 options and free text spaces were added to the
survey tool to reflect a more diverse range of identities within racial identity,
abilities and disabilities, gender, and sexual orientation. The survey also includes
options typically associated with dominant identities as opposed to a “yes” / “no”
option on broader type of diversity, offering an inclusive experience and
mitigates assumptions and bias in the data.
Verification of key performance and impact data
The 2022 data for performance and impact measures, below in bold, were
verified to a reasonable level of assurance. The remaining measures were verified
to a limited level of assurance by KPMG LLP. We selected these measures to be
assured because they are strategic measures with organizational targets and
relate to our material topics, where quantifiable.
• Member satisfaction with overall service delivery (9s and 10s out of 10)
• Membership growth %
• Employee engagement score
• Return on average members’ equity (business results)
• Return on average members’ equity (after Shared Success)
• Total assets
• Total assets under administration
• Efficiency ratio
• Triple bottom line assets and assets under administration total
• Net SWM inflows and net lending growth
• Operating earnings
• Percentage of employees who self-identify as living with a disability
• Percentage of employees who self-identify as Indigenous
• Recertification as a Living Wage employer
• Scope 1 GHG emissions (2019 and 2022)
• Scope 2 GHG emissions (2019 and 2022)
• Scope 3 GHG emissions (2019 and 2022)
• Recertification of operational footprint as carbon neutral applicable to 2021
• Financed emissions of commercial service buildings (2019 baseline and 2022)
• Financed emissions of commercial service buildings percentage change since
2019
• Financed emissions of residential buildings (2019 baseline and 2022)
• Financed emissions of residential buildings percentage change since 2019
• Waste generated on premises per employee (FTE)
• Water consumption on premises per employee (FTE)
• Vancity United Nations Environment Programme Finance Initiative (“UNEP
FI”)’s Principles for Responsible Banking (“PRB”) Self-Assessment Template
Sections with responses to the following requirements are highlighted in
blue in the self assessment:
Vancity 2022 Annual Report 43 Accountability Statements
• 2.1 Impact analysis
• 2.2 Target setting
• 2.3 Target implementation and monitoring
• 5.1 Governance structure for implementation of the principles
For information on External Assurance see KPMG LLP’s independent practitioners’ assurance
report on p. 43 of the 2022 Annual Report and Verification of key performance and impact data,
p. 42.
We have included detailed explanations of the methodology used to measure our performance
and impact throughout these Accountability Statements, in the Glossary, and Climate Report.
See full assurance statement on p. 43 of Vancity's 2022 Annual Report.
Material topics and determining report content
(3-1)
Our Annual Report is aligned with the
International Integrated Reporting
Framework and is also prepared, including the Accountability Statements, in
accordance with the Global Reporting Initiative’s (GRI) Sustainability Reporting
Standards.
For how we determine our material topics and our approach to external
assurance, see 2022 Annual Report, ‘About this report,’ p. 41.
Material topics
(3-2)
In 2022, there were no changes to material topics from 2021.
2022 material topics
GRI Topics
People
Service experience
417 Marketing and Labeling
Financial health and inclusion FS14 Initiatives to improve access to financial
services for disadvantaged people
Diversity and anti-racism
405 Diversity and Equal Opportunity
406 Anti-Discrimination
Employees
401 Employment
Helping protect members
205 Anti-corruption
418 Customer Privacy (Data Security)
417 Marketing and Labeling
Planet
Climate crisis
305 Emissions
Responsible investment
FSSS Active Ownership
Profit
Financial and economic
performance
201 Economic Performance
202 Market Presence
Supporting local communities
413 Local Communities
Governance
Governance GRI 2 General disclosures
*Material topics apply to operations for Vancity and its subsidiaries.
Changes in measures from 2021 (3-2)
The following measures were changed in 2022:
• Number of employee grievances was replaced by number of grievances
that went to arbitration.
• Parental leave was added.
• Financial assistance received from government was expanded to include
the Scientific Research and Experimental Development (SR&ED) program
tax credit.
Vancity 2022 Annual Report 44 Accountability Statements
Global Reporting Initiative content index
Vancity has reported in accordance with the GRI Standards for the period January 1
st
, 2022 to December 31
st
, 2022.
We report using the GRI 1: Foundation 2021 and applicable sector standards for Financial Services.
The page numbers below refer to this document (2022 Accountability Statements), unless noted otherwise. See the full suite of 2022 Annual Reporting documents at
vancity.com/AnnualReport.
AR = 2022 Annual Report
FS = 2022 Consolidated Financial Statements
CR = 2022 Climate Report
PRB = 2022 UN PRB Report
Global Reporting Initiative Sustainability Standards
Disclosure
Description
Page number, link, explanation, or reason for omission
GRI 2: General Disclosures 2022
The organization and its reporting practices
2-1
Organizational details
AR p. 6, Business model
2-2
Entities included in sustainability
reporting
All entities included in Vancity’s Consolidated Financial Statements are covered in the report.
AR p. 35, Active subsidiaries
2-3
Reporting period, frequency and
contact point
Reporting period: January 1, 2022, to December 31, 2022.
Integrated Annual Report is published annually, May 10, 2023.
Contact: Accountability_VC@vancity.com
2-4
Restatements of information
Total substantiated reports and privacy breaches, p. 5
Permanent employee turnover rates, p. 16
Equivalent hourly living wage requirement for Vancity, adjusted to reflect the value of benefits which we provide to permanent
employees in addition to base pay, p. 18
Number of grievances that went to arbitration, p. 19
Employee grievances related to human rights and harassment, p. 20
Number of days lost due to employee illness, p. 21
Operational GHG emissions by scope and category, p. 23
Percentage of member loans funded by member deposits, p. 30
TBLAA percentage of total growth, p. 30
Shared Success allocation to the community by program, p. 31
Business and commercial loan portfolio (dollars outstanding) by North American Industry Classification System, p. 38
Vancity 2022 Annual Report 45 Accountability Statements
2-5
External assurance
AR p. 43, KPMG LLP’s independent practitioners’ assurance report
Activities and workers
2-6
Activities, value chain, and other
business relationships
Business relationships and value chain, p. 32
AR p. 6, Business model
AR p. 28, Supporting local communities
2-7
Employees
Employee profile and position status by gender, p. 15
We report on our significant location of operations in British Columbia and Ontario.
There are no significant seasonal fluctuations in our employee numbers.
2-8
Workers who are not employees
Not applicable. Vancity does not track the type of roles contractors fill and cannot report this.
Governance
2-9
Governance structure and
composition
Board diversity, p. 35
Governance structure and responsibilities of the Board and its committees can be found on vancity.com, and also the Terms of
Reference documents embedded within our approach to Good Governance
All committees have responsibilities related to decision-making on economic, environmental and social impacts.
The organizational structure and composition of the Board and executive leaders can be found on vancity.com.
All Board Directors are non-executive and independent. Directors’ background information is included only if they choose to
disclose it voluntarily.
2-10
Nomination and selection of the
highest governance body
See election process and desired skills and attributes of directors
The process for determining composition, qualification and expertise of Board members and committees can be found as part of
the Candidates’ Information Package.
When the election is over, the Election Guidelines (which includes the Desired Director Attributes and Experience, and the BCFSA
Governance Guideline) is always available from the primary election webpage.
2-11
Chair of the highest governance
body
The Chair is not a senior executive of the organization.
2-12
Role of the highest governance body
in overseeing the management of
impacts
Governance, p. 35
AR p. 31, Governance
See Rule 4.11. Special Resolutions can also be brought forward by the membership under the Credit Union Incorporation Act S.77
(1). Information regarding this is disseminated to the members in the Election Bulletin, printed in April every year.
Board's role in setting purpose, values and strategy are in its Terms of Reference.
The Board’s role in managing impacts, values and strategy can be found in its Terms of Reference.
2-13
Delegation of responsibility for
managing impacts
Members of the Executive Leadership Team, including the CEO (who is accountable to the Board of Directors), each have and/or
share accountabilities relating to economic, environmental and social topics.
2-14
Role of the highest governance body
in sustainability reporting
The Board of Directors, upon recommendation from the Audit Committee.
2-15
Conflicts of interest
The Governance Committee has accountability for establishing and monitoring processes around conflicts of interest and set out
in its terms of reference. In addition, the Board has established a Conflict of Interest Policy (for internal use only).
Vancity 2022 Annual Report 46 Accountability Statements
2-16
Communication of critical concerns
Member concerns and complaints, p. 4
No special resolutions or critical concerns were brought forward to the 2022 AGM or Board of directors. Member complaints and
concerns are received by the office of the CEO and addressed accordingly.
2-17
Collective knowledge of the highest
governance body
Directors’ professional development activities may include economic, environmental and social topics.
Members with specific skills and attributes, including those with appropriate experience, are sought during the annual Board of
Directors’ Election and accessible all year round.
2-18
Evaluation of the performance of
the highest governance body
The Board has a Commitment to Vancity’s success, but the annual assessment process is not available as public information.
However, a general description regarding evaluation of the Board’s performance can be found Vancity.com.
2-19
Remuneration policies Board remuneration, p. 40
Senior management and CEO compensation, p. 40
AR p. 9, Targets and results
AR p. 36, Senior management and executive compensation
Information about the Board’s remuneration
2-20
Process to determine remuneration
Refer to 2-19 above.
Board remuneration, p. 40
Senior management and CEO compensation, p. 40
In terms of specific process, director remuneration is reviewed, and a recommendation is made, by the Directors' Remuneration
Committee, an ad hoc committee which comprises three appointed general members, who are unaffiliated with, and
independent from, the Vancity Board of Directors. Director remuneration is approved every three years by the membership, who
vote by ordinary resolution at the Annual General Meeting. The Directors' Remuneration Committee made its recommendation to
the membership at the 2022 Annual General Meeting, and was approved by the membership to take effect for 2022-2025.
2-21
Annual total compensation ratio
President and Chief Executive Officer annual compensation compared with median annual compensation for all employees, p. 41
President and Chief Executive Officer percentage increase in annual total compensation compared with median annual
percentage increase in annual total compensation for all employees, p. 41
Strategy, policies, and practices
2-22
Statement on sustainable
development strategy
AR p. 4, Message from the Chair
AR p. 5, Message from the CEO
2-23
Policy commitments
Lending p. 38
AR p. 6, Business model
AR p. 29, Reconciliation with Indigenous people
AR p. 34, Public policy and advocacy
Vancity 2022 Annual Report 47 Accountability Statements
2-24
Embedding policy commitments
Percentage of employees who reviewed and signed Vancity’s Code of Conduct, p. 6
Percentage of employees who completed biennial training on policies and procedures concerning relevant aspects of human
rights, p. 20
Ethical principles for Business Relationships p. 28
Public policy and advocacy, p. 39
AR p. 29, Reconciliation with Indigenous people
AR p. 34, Public policy and advocacy
PRB p. 4
2-25
Processes to remediate negative
impacts
Internal whistleblowing to report any misconduct through Clearview Connects
Compliments and complaints
PRB p. 5
2-26
Mechanisms for seeking advice and
raising concerns
Member concerns and complaints, p. 4
Percentage of employees who reviewed and signed Vancity's code of Conduct, p. 6
2-27
Compliance with laws and
regulations
Legal actions and incidents of non-compliance, p. 7
2-28
Membership associations Key memberships in associations and advocacy organizations, p. 39
Stakeholder engagement
2-29
Approach to stakeholder
engagement
Member satisfaction, p. 3
Member feedback mechanisms, p. 4
Employee engagement score, p. 15
Member participation in elections and other engagement, p. 36
Examples of how we engage with our stakeholders, p. 36
Identifying stakeholders, p. 37
Public policy and advocacy, p. 39
AR p. 29, Reconciliation with Indigenous people
AR p. 34, Public policy and advocacy
PRB pp. 17-22
2-30
Collective bargaining agreements Employees covered by collective bargaining agreements, p. 19
Disclosures on material topics
3-1
Process to determine material topics
Material topics and determining report content, p. 43
3-2
List of material topics
Material topics, p. 43
Changes in measures from 2021, p. 43
3-3
Management of material topics
Listed under each GRI standard below
201
Economic Performance
3-3
Management of material topics Financial and economic performance, p. 28
AR p. 24, Overall financial outlook
Vancity 2022 Annual Report 48 Accountability Statements
201-1
Direct economic value generated
and distributed
Information incomplete. EVG&D specific metrics and data collection systems are not fully set up, and we plan to revisit in 2023.
For more on information on revenues and costs, see our Consolidated Financial Statements report.
201-2
Financial implications and other
risks and opportunities due to
climate change
CR p. 14
201-3
Defined benefit plan obligations and
other retirement plans
AR p. 16, Employees
FS p. 42, Pension and other retirement plans
201-4
Financial assistance received from
government
Taxes relief or tax credit received from government, p. 34
202
Market Presence
3-3
Management of material topics
Financial and economic performance, p. 28
AR p. 24, Financial and economic performance
202-1
Ratios of standard entry level wage
by gender compared to local
minimum wage
Entry-level employee hourly wage compared with British Columbia’s living wage, p. 18
202-2
Proportion of senior management
hired from the local community
Information unavailable. Vancity does not track numbers of senior management hired by location, however most employees live
and work in the southern British Columbia, where the communities we operate in are located.
205
Anti-corruption
3-3
Management of material topics
Helping protect members, p. 5
AR p. 13, Helping protect members
205-1
Operations assessed for risks
related to corruption
Not applicable. Vancity does not have operations in locations that have been flagged as high risk related to corruption.
205-2
Communication and training about
anti-corruption policies and
procedures
Percentage of employees who completed privacy training p. 6
Percentage of employees who reviewed and signed Vancity’s Code of Conduct p. 6
205-3
Confirmed incidents of corruption
and actions taken
Number of internal fraud incidents investigated p. 6
305
Emissions
3-3
Management of material topics
The climate crisis, p. 21
AR p. 18, The climate crisis
Climate report
305-1
Direct (scope 1) GHG emissions
Operational GHG emissions by scope, p. 23
305-2
Energy indirect (scope 2) GHG
emissions
Operational GHG emissions by scope, p. 23
305-3
Other indirect (scope 3) GHG
emissions
Operational GHG emissions by scope, p. 23
305-4
GHG emissions intensity Operational GHG emissions by scope, p. 23
Vancity 2022 Annual Report 49 Accountability Statements
305-5
Reduction of GHG emissions
Information incomplete. Vancity has recently committed to GHG reductions targets in financed emissions (scope 3 category 15)
for the next five years from a 2019 baseline and a net-zero portfolio by 2040. Calculations and data showing reductions are still
early stage. For more on GHG emissions reductions including the purchasing of offsets and carbon neutral operations, see our
Climate Report, p. 18.
305-6
Emissions of ozone-depleting
substances (ODS)
Not applicable. Vancity’s operations do not produce, import, or export CFC-11 or any other ODS.
305-7
Nitrogen oxides (NOx), sulfur oxides
(SOx), and other significant air
emissions
Not applicable. Vancity’s operations do not contribute to a measurable increase of NOx, SOx, or other significant air emissions.
401
Employment
3-3
Management of material topics
Employees, p. 15
AR p. 16, Employees
401-1
New employee hires and employee
turnover
Number of permanent employee departures, p. 16
Permanent employee turnover rates, p. 16
Number of permanent new employee hires, overall and broken down by gender and age, p. 16
Permanent employee new hire rate, overall and broken down by gender and age, p. 16
401-2
Benefits provided to full-time
employees that are not provided to
temporary or part-time employees
Part-time employees receive all the same benefits as full time employees on a prorated basis. Temporary employees have varied
contracts and we do not track this.
401-3
Parental leave
Parental leave, p. 17
405
Diversity and Equal Opportunity
3-3
Management of material topics Diversity and anti-racism, p. 11
Governance, p. 35
AR p. 15, Diversity and anti-racism
AR p. 32, Leadership diversity
405-1
Diversity of governance bodies and
employees
Percentage of employees in non-management, by indicator of diversity, p. 13
Percentage of employees in management, by indicator of diversity, p. 13
Percentage of employees in senior management, by indicator of diversity, p. 14
Board diversity, p. 35
405-2
Ratio of basic salary and
remuneration of women to men
Average compensation for women as a percentage of average compensation for men, p. 14
Average compensation for transgender or nonbinary employees as a percentage of average compensation for men, p. 14
406
Non-discrimination
3-3
Management of material topics
Diversity and anti-racism, p. 11
AR p. 15, Diversity and anti-racism
406-1
Incidents of discrimination and
corrective actions taken
Employee grievances related to human rights and harassments, p. 20
413
Local Communities
3-3
Management of material topics
Supporting local communities, p. 31
AR p. 28, Supporting local communities
Vancity 2022 Annual Report 50 Accountability Statements
413-1
Operations with local community
engagement, impact assessments,
and development programs
Information incomplete. Vancity does not measure a percentage of operations with implemented local community engagement
programs or disclose publicly environmental and social impact assessments, however we are currently revising our stakeholder
mapping and engagement (p. 36), and have a strategy for Financial Health and Inclusion that includes a focus on vulnerable
groups (p. 8).
413-2
Operations with significant actual
and potential negative impacts on
local communities
Information incomplete. Vancity does not have any specific locations or operations with significant actual and potential negative
impacts on local communities. For more on our overall portfolio analysis, see AR p. 37, Impact analysis.
417
Marketing and Labeling
3-3
Management of material topics Service experience, p. 3
Helping protect members, p. 5
AR p. 11, Service experience
AR p. 13, Helping protect members
417-1
Requirements for product and
service information and labeling
We are governed by multiple laws and regulations including the Federal Competition Act, BC consumer protection laws, Canadian
Code of Advertising Standards, and various financial institution regulations.
417-2
Incidents of non-compliance
concerning product and service
information and labeling
Legal actions and incidents of non-compliance, p. 7
417-3
Incidents of non-compliance
concerning marketing
communications
Responsible marketing and selling, p. 7
418
Customer Privacy
3-3
Management of material topics
Helping protect members, p. 5
AR p. 13, Helping protect members
418-1
Substantiated complaints
concerning breaches of customer
privacy and losses of customer data
Breaches of privacy and losses of member or client data, p. 5
Financial Services Sector Supplement Disclosures
FS6
Percentage of the portfolio for
business lines by specific region, size
(e.g. micro/large) and by sector
Business and commercial loan portfolio (dollars outstanding) by North American Industry Classification System, p. 38
FS7
Monetary value of products and
services designed to deliver a
specific social benefit for each
business line broken down by
purpose
Products and services designed to provide access to basic financial services, affordable housing, credit and credit repair to
individuals, p. 50
Community impact loans, p. 33
Triple bottom line assets under administration (TBLAA) p. 30
FS8
Monetary value of products and
services designed to deliver a
specific environmental benefit for
each business line broken down by
purpose
Products and services to reduce GHG emissions, p. 25
Community impact loans, p. 33
Triple bottom line assets under administration (TBLAA) p. 25
Vancity 2022 Annual Report 51 Accountability Statements
FS10
Percentage and number of
companies held in the institution's
portfolio with which the reporting
organization has interacted on
environmental or social issues
Asset management and corporate engagement, p. 29
FS11
Percentage of assets subject to
positive and negative environmental
or social screening
Asset management and corporate engagements, p. 29
FS13
Access points in low-populated or
economically disadvantaged areas
by type
Initiatives to improve access, p. 8
FS14
Initiatives to improve access to
financial services for disadvantaged
people
Initiatives to improve access, p. 8
Accessibility and inclusion in our built environment, p. 11
Vancity 2022 Annual Report 52 Accountability Statements
Sustainability Accounting Standards Board content index
Vancity has partially reported to applicable SASB standards for the period January 1, 2022 to December 31, 2022. Standards reported fall under the topics
of data security, business ethics, financial inclusion, incorporation of ESG factors in credit analysis, transition risk exposure, environmental risk to
mortgaged properties, employee diversity & inclusion, and incorporation of ESG factors in investment management & advisory.
Sustainability Accounting Standards Board
The page numbers below refer to this document (2022 Accountability Statements), unless noted otherwise. See documents at vancity.com/AnnualReport.
AR = 2022 Annual Report
FS = 2022 Consolidated Financial Statements
CR = 2022 Climate Report
PRB = 2022 UN PRB Report
SASB Code
Description
Page number, link or explanation
FN-CB-230a.2
FN-CF-230a.3
Description of approach to identifying and
addressing data security risks
Privacy, p. 5 - We equate "customer privacy" to "data security"
FN-CB-230a.1
FN-CF-230a.1
1) Number of data breaches
Breaches of privacy and losses of member or client data, p. 5
FN-AC-510a.1
FN-CB-510a.1
Total amount of monetary losses as a result of legal
proceedings associated with fraud, insider trading, anti-
trust, anti-competitive behavior, market manipulation,
malpractice, or other related financial industry laws or
regulations
Legal actions and incidents of non-compliance, p. 7 - We do not report monetary losses but
report number of incidents occurred for employee fraud
FN-CB-240a.1
(1) Number and (2) amount of loans outstanding
qualified to programs designed to promote small
business and community development
New financed business and commercial loans and lines of credit to members, p. 11
We do not report amount of loans outstanding for microloans
FN-AC-330a.1
Percentage of gender and racial/ethnic group
representation for (1) executive management, (2) non-
executive management, (3) professionals, and (4) all
other employees
Percentage of employees in non-management by indicators of diversity, p. 13
Percentage of employees in management by indicators of diversity, p. 13
Percentage of employees in senior management by indicators of diversity, p. 14
FN-MF-450a.3
Description of how climate change and other
environmental risks are incorporated into mortgage
origination and underwriting
Lending, p. 38
Vancity 2022 Annual Report 53 Accountability Statements
FN-CB-5
FN-AC-4
Description of the methodology used to calculate
financed emissions
Financed greenhouse gas emissions: Scope 3, category 15, p. 24
CR p. 36, Methodologies for emission calculations
FN-AC-2
FN-AC-3
(1) Absolute gross and gross emissions intensity for (a)
Scope 1 emissions, (b) Scope 2 emissions, and (c) Scope
3 emissions, and (2) associated amount of total AUM
(i.e., financed emissions)
Operational GHG emissions by scope, p. 23
CR p. 21, Operation greenhouse gas emissions – scope 1, 2, and 3 (categories 1, 6, 7, and 8)
Vancity reports relevant Scope 3 categories.
FN-AC-410a.3
Description of proxy voting and investee engagement
policies and procedures
Corporate engagement, p. 29
AR p. 22, Responsible investment
FN-AC-000.B
Total assets under custody and supervision
Total Assets Under Administration, p. 29
