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Home insurance provider goes ethical

The Co-operative Insurance Society (CIS) has become the first insurer in the world to institute an "ethical engagement policy" backed by their customers.

It comes as the result of a year-long consultation with 44,000 policyholders and will form the basis of all future engagements with the companies it invests in.

Although CIS, which manages more than £20 billion of policyholders' money, is already a major ethical investor, this is the first time it has asked customers their opinions.

The new policy, backed by 98 per cent of policyholders, will guide the group on issues such as the environment, human rights, the arms trade, labour standards, animal welfare and corporate governance.

Its stance is similar to one in place at the CIS's sister organisation, the Co-operative Bank, which refuses to do business with companies it deems to be unethical.

CIS chief executive David Anderson said: "For the first time and in the best traditions of a co-operative, individual policyholders have had their say, so there is now a direct link between an individual customer and the engagement policy of a major institutional investor."

He continued: "I am confident that this will contribute to new standards being set in socially responsible investment which other institutional investors will increasingly wish to follow."