Banking on a sustainable future
20 June 2016
Beyond Bank has become the first retail bank in Australia to be awarded the highly prestigious B Corp certification.
B Corps are for-profit companies certified by the non-profit B Lab to meet rigorous standards of social and environmental performance, accountability and transparency.
The global recognition will see the Bank join more than 1,767 companies in 50 countries that are using the power of business to create a positive impact on the world and generate a shared and durable prosperity for all.
“We are delighted to become a certified B Corp,” said Beyond Bank CEO, Robert Keogh.
“We wholeheartedly support the B Corp movement that seeks to redefine success in business by competing not to be the best in the world, but to be the best for the world.”
“B Corp accreditation sends a strong signal to consumers that our business is about much more than money; it’s a testament that we care about the positive financial, social and environmental impacts we can make for our community.
“The very nature of being a B Corp means believing in a better way of doing business.
“We have effectively been operating as a B Corp for many years by focusing on being the best bank for our community, but now it is official and we’ll be adding our support to seeing this movement continue to grow.”
The process to achieve certification is extremely demanding as it looks at a company’s governance and business model right down to its supply chain and community involvement.
“It was certainly a rigorous process over many months but we were happy with that and now we are ready and very excited about what is ahead,” said Mr Keogh.
“We welcome Beyond Bank Australia as the country’s first retail bank to the B Corp community,” said Alicia Darvall, Executive Director of B Lab Australia & New Zealand.
“Beyond Bank are a strong example of an organisation that has a very clear focus on its owners and the communities in which they operate.”
About B Corp
As part of the certification process, B Corporations are approved by B Lab, a non-profit organisation, to meet high standards of social and environmental performance, accountability and transparency. Certified B Corporations characterise themselves by offering solutions on improved ways businesses; their staff and customers, can help contribute to better communities and the environment.
In 2016, the B Corporation community includes 1,767 companies from 50 countries and over 130 industries all working together towards one goal: to harness the power of the private sector for public benefit and redefine success in business.
About B Lab
Founded in 2006, B Lab is a non-profit organisation in the USA by Bart Houlahan, Jay Coen Gilbert and Andrew Kassoy. B Lab serves a global movement to redefine success for business and drive universal change by:
1. Building a community of Certified B Corporations to make it easier to tell the difference between “good companies” and good marketing;
2. Advancing public policy to accelerate growth of social entrepreneurship and impact investing;
3. Providing free, powerful tools for businesses to measure, compare, and improve their social and environmental performance (20,000+ businesses use the B Impact Assessment); and
4. Promoting B Analytics, a customizable platform for investors to collect, benchmark, and report impact data.