In their Corporate Responsibility Report 2005, available online www.hbosplc.com/community/includes/HBOS_CR_Report_14Aug […], HBOS sets out how it is doing against the 48 Key Performance Indicators that support its Statement of Business principles ‘The Way We Do Business’.

A key issue for HBOS is the contribution it is making to reducing the number of un-banked in the UK and the steps it is taking to ensure consumers understand the products they are buying. The Report sets out, more clearly than ever, HBOS’s social banking and responsible lending strategies, as well as how it is delivering value to customers.

At the end of 2005, HBOS announced its plans to eliminate the deficit in its final salary pensions schemes over a 10 year period: as at 1 August 2006, £800m had been invested. Alongside the introduction of auto-enrolment of colleagues into the group’s money purchase scheme, a move recommended in the Turner Report, these measures add up to a significant investment in the future of HBOS colleagues.

In 2005, HBOS was one of the largest payers of corporation tax in the UK, paying £1.1bn in total. HBOS spends over £2.6bn with around 25,000 suppliers across several commodities. In 2005 HBOS invested £43.1 million in communities across the UK, a 14% increase on 2004.

HBOS will be reviewing its approach throughout 2006 to ensure it remains relevant to stakeholders and updates will be published on its website. WSP conducted an independent external assurance and commentary of the HBOS 2005 Report.

For more information, please email
corporateresponsibility@hbosplc.com

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