B Corp Month is a global, celebration over the month of March to honour what it means to be a B Corp. While building awareness and education is one of the primary goals, it is also an opportunity for B Corp businesses to promote their B Corp status and to remind their customers and community of the core principles and values they uphold by being certified. It’s also a chance for local B Corp businesses to support each other, network and attend events.
So what is a B Corp?
B Corp is short for Certified B Corporation and is in recognition of a business that has been certified by B Lab, a global non-profit organisation which certifies businesses based on high standards of social and environmental performance, transparency, and accountability. In order to qualify businesses must be able to demonstrate commitment to balancing profit and purpose. The process to achieve and maintain certification is rigorous and requires most businesses to make changes within their organisation to meet high performance standards.
As a Certified B Corp since 2022 Australian Mutual Bank is now one of over 750 B Corp businesses in the Australia and New Zealand region and one of 8 customer owned banks in Australia who hold the certification.
For consumers looking for a purpose driven, ethical and socially responsible bank, the B Corp certification goes a long way to demonstrate positive social and environmental impact, particularly across the key areas of workers, customers, governance, environment and community. The capital letter B inside a circle is not just a logo, it is a rigorous certification process that ensures only businesses that meet the highest standards of social and environmental performance, accountability and transparence are awarded the status. And it’s an ongoing process with evolving standards. Every three years B Corps are required to recertify in order to demonstrate continuing commitment to their social and environmental mission and maintain their certification. Recertification It’s also a way for businesses to measure and indicate improvements they have implemented since initial certification ensuring continued refinement of policies and procedures.
Research conducted by B Lab (the certifying body behind B Corps) has found that the majority of Australians (85%) and New Zealanders (81%) believe businesses should consider people and the planet in decision-making and demonstrate greater governance and leadership accountability.
Referring to brand awareness survey results Andrew Davies, CEO, B Lab Australia & Aotearoa New Zealand says, “it’s encouraging to see that Australians and Kiwis continue to expect more from businesses and leadership. We want businesses to be accountable for their impact on the environment and our communities. Now, we need to see this expectation translate to action and wider adoption of impact-driven practices within our region’s industries.”
As well as being proudly and officially B Corp Certified since 2022, Australian Mutual Bank was recognised as one of the Best for the World™ B Corps of 2022 for Governance. The Governance Impact Area assesses a company's overall mission, engagement around its social/environmental impact, ethics, and transparency. Good governance is essential for all good business, but particularly in the financial industry.
Since 2006 the nonprofit network B Lab has had the ambitious goal of building a movement to change our economic system to one which is not purely driven by profit or shareholders. At the time of writing there are over 9,641 certified B Corporations across 161 industries in 102 countries representing businesses driving the corporate responsibility movement forward with the common goal of using business as a force for good.
This year’s B Corp Month campaign introduces #GenB and the concept that B Corps are part of a whole new generation of thought leaders and businesses who are creating a better future today.
How to get involved in B Corp Month
Use the 'Find a B Corp' directory to find qualifying businesses and as a conscious consumer use your purchasing power to support B Corp companies as a catalyst for good.
As more and more businesses recognise their impact on the world, not only through high level decisions, but also smaller day to day actions, accountability and transparency can help lead the way. B Corps are quite literally ‘B’-ing the change they want to see in the world, pioneers forging ahead through uncharted territory. Carving out a road that will hopefully become a well worn path into the future.
Alison Gallagher is a freelance writer, resourcefulness expert and small business owner. She has been featured in various publications including Stellar Magazine, Australian Health and Fitness Magazine, and Cleo Magazine. Alison is particularly passionate about sharing practical tips on how to live simply, sustainably and seasonally.
