COBA members Teachers Mutual Bank Limited and Australian Mutual Bank have joined Bank Australia and Beyond Bank to become certified B Corps.
B Corp organisations are doing business better by benefiting all stakeholders – their customers, workers, communities, and the environment.
What is a B Corp?
Certified B Corporations are organisations that meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose.
How does a bank become a B Corp?
B Corp Certification assesses an organisation’s overall positive impact. The assessment involves more than 300 questions related to all aspects of the company’s operations and the way in which it acts to have a positive impact.
Certified B Corporations must achieve a minimum verified score on the B Impact Assessment of more than 80 points—a rigorous assessment of a company’s impact on its workers, customers, community, and environment.
Customer owned banks have been putting people before profit for over 150 years. COBA members achieving B Corp status is just another way mutuals are going above and beyond for their communities.