Newcastle Building Society has become the first British mutual to gain MVM Accreditation™ under the Mutual Value Measurement Framework©.
The building society completed the accreditation process in December 2023, after identifying where mutual value was created in each of the dimensions within the business, and implementing the MVM Framework© throughout its operations.
Andrew Hague, Chief Executive Officer of Newcastle Building Society, commented on the MVM Framework©, the implementation process and planning for the future:
“The MVM Framework© has become a valuable strategic tool at the senior leadership level of the business. In addition to helping us articulate our ambition over a long-term view and helping facilitate discussions with our Board, it also provides a common language for leaders and a narrative to share our ambition with colleagues, while holding ourselves to account with members.
The process of applying MVM© has provided a meaningful starting point from which we can also begin to explain the interconnection between a whole range of metrics. What used to sit as discrete areas now knit together as a single strategic story. MVM© has guided us in establishing clearer, more explicit and more focused measures and ambitions to aim for. We intend to share progress against these with our members and wider community as a more meaningful statement of progress and success.
Our journey is really only at its beginning, but we are encouraged by where it can take us”.
Andrew Haigh, Newcastle Building Society CEO, talks about Mutual Value Measurement, world-first framework to measure the value of co-operative and mutual businesses