This report goes into considerable detail about updating traditional Quaker practices for the modern world:
We have a long tradition of respect for all those working with us, treating them as equals. In the past, this took the form of providing decent housing, education for workers and their families, anti-slavery campaigns, giving pensions and minimum wages. Friends should reflect on what is the equivalent today for their workplace. Are more ‘equal’ ownership and pay models appropriate now?
2.01 All of us are disabled in some way and we all need measures to enable us to contribute better to the common cause. Friends should consider how they might liberate those over whom they have power, rather than dominate them. For example, instead of company controlled ‘perks’ and ‘expenses’, should we be offering higher salaries to free employees to make their own choices of car, pension, etc.? Such a policy would also avoid criticism about tax avoidance.
2.02 Earlier Quakers in their conviction that all are equal refused to pay outward respect to worldly authority, for example refusing to doff their hat to judges. Today, are we too careful to ingratiate ourselves with powerful people in business? What is the equivalent today – do we rise from our seats for the boss but not their secretary?
John Lovatt, one of the Quakers overseeing plans for the launch of the bank, has written about its genesis and proposed operational model (see John Lovatt (2013)). He writes that the new Quaker Bank is designed for people of all faiths and none, run according to the commands of Jesus. Lovatt makes a noteworthy clarification about what is meant by a faith-based business: the Quaker Bank is not intended to serve the needs of a specific faith but intends to serve any customer in a way that is operated according to Christian principles.
The author himself raises the questions of whether a bank based on Christian principles is practical, and whether it will end up bankrupt. In terms of bank structure, he contends, making money for shareholders is the main excuse given for hard-nosed and aggressive behaviour in banks and other commercial organisations. So to remove this temptation the bank needs to remove shareholders. The Quaker Bank is being established as a Community Interest Company (CiC), with its community defined as its borrowers, depositors, employees, executive committee, the Quaker Business Group and other suppliers and customers. No dividends are therefore paid and excess profits are handed to a charitable trust (which is a requirement of a CiC).