We are very proud to announce that Australian Mutual Bank has been certified as a B Corporation, attesting that we are meeting the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose in order to create a more sustainable and inclusive economy.
The B Corp certification is internationally recognised and reinforces our brand promise to be the ethical alternative, to act as a force for good in the world and to always do what is good and right – regardless of whether that is the easiest option. As a mutual bank, run on behalf of our members, who are customers and equal owners, we’ve been putting people before profit since we were formed in 1953. Being a B Corp is just one way to validate that what we do benefits the people and the planet.
What is a B Corporation?
A Certified B Corporation, commonly known as a B Corp, is a company that voluntarily went through a rigorous certification process, measuring its social and environmental impact using B Corp's Business Impact Assessment tool (BIA), and having its assessment verified by B Lab, the nonprofit behind the B Corp certification. B Corps analyse their impact across five areas: environment, community, customers, employees, and governance. The BIA considers all aspects of a business’s operations and how it impacts all stakeholders.
The "B" stands for Benefit for all. The benefit to workers, communities, members, and ultimately our planet is what drives our actions at Australian Mutual Bank and this has been measured and benchmarked against the highest standards via B Corp’s business impact assessment tool. According to B Corp “the combination of third-party validation, public transparency, and legal accountability help Certified B Corps build trust and value”.
CEO Mark Worthington noted that “B Corp certification is a great independent assessment of our ethical credentials, our mutual structure, and the way we do business. At Australian Mutual Bank we’re proud to show that it is possible to pursue both economic viability and social responsibility”.
The B Corp impact assessment has validated what we’re doing right but has also given us insight into ways in which we might improve. To find more information about our B Corp Certification and Impact Assessment please head to Australian Mutual Bank’s public profile on the B Corp website. As we are required to undergo the verification process every three years in order to recertify, Australian Mutual Bank is committing to a journey of continuous improvement.
B Corp Declaration of Interdependence
Interdependence is at the heart of the B Corp movement. The values and aspirations of the B Corp community are embedded in the B Corp Declaration of Interdependence which Australian Mutual Bank has signed upon certification to pledge our commitment to using our business as a force for good.
As B Corporations and leaders of this emerging economy, we believe:
- That we must be the change we seek in the world.
- That all business ought to be conducted as if people and place mattered.
- That, through their products, practices, and profits, businesses should aspire to do no harm and benefit all.
- To do so requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations.
At Australian Mutual Bank, we are excited to be part of a movement that is shifting the economic system to one that benefits all of us, a movement that currently comprises 4,600 B Corp businesses spanning 150 industries and 79 countries across the world and is fast growing.
Read more about B Lab & B Corporation here.