Our purpose and strategy

We are guided by our purpose – Banking – but fairer, more rewarding, and for the good of society.

Our four strategic drivers that help us achieve this are:

  • More rewarding relationships
  • Simply brilliant service
  • Continuous improvement
  • Beacon for mutual good

Our environmental, social and governance (ESG) strategy is an integral part of our beacon for mutual good strategic driver.

What is a beacon for mutual good?

As we go about our business, we will be recognised as a beacon for mutual good. We want to be well-known for the meaningful impact we have across customers, communities and society. We use our voice to drive positive change and fairer banking practices and support charitable activities that align with our purpose and ambitions.

Mutual Good Commitments

We articulate our ESG strategy through five Mutual Good Commitments that support our ambitions. These are set in areas where we believe we can make the most significant, positive impacts for our members and customers, our communities and society as a whole. They demonstrate our strategic alignment with the UN Sustainable Development Goals (SDGs) and to our net-zero ambition.

Find out more in our Sustainability Report

Our Sustainability Report has more information on our Mutual Good Commitments. Find out about:

  • the UN SDGs our Mutual Good Commitments most closely align with on page 6
  • the progress we’re making against our Mutual Good Commitments on pages 7 to 25
  • our progress against the measures that underpin our Mutual Good Commitments on pages 43 to 45

How we’re run and governed

The Board has responsibility for setting the Society’s strategic direction, including our responsible business (ESG) strategy, which is embedded within our beacon for mutual good strategic driver. The Board also has ultimate accountability for all climate change risk-related matters at Nationwide. It is supported by formal governance committees as well as other working groups.

To learn more about our governance for sustainability-related risks and opportunities visit pages 32 to 33 of our Sustainability Report.

For more information on our climate-related governance model visit pages 17 to 22 of our Climate-related Financial Disclosures 2023.

Last updated: December 2023