Community Sector Banking Certified as a B Corp
1 July 2015 at 10:47 am
Community Sector Banking has become the first banking service in Australia to be certified as a B Corporation – a company that uses the power of business to solve social and environmental problems.
B Corp certification provides a globally recognised standard for sustainable business.
B Corps are certified by the Not for Profit organisation B Lab to meet rigorous measures of social and environmental performance, accountability, and transparency.
“We are absolutely delighted to achieve this certification which is a natural fit with our values, and recognises our contribution in building a more equitable society,’ Community Sector Banking CEO and Managing Director, Greg Peel said.
Community Sector Banking now joins over 1,200 companies from more than 121 industries in 41 countries that have also achieved the accreditation.. There are currently 62 B Corps in Australia.
Community Sector Banking is a joint venture between Bendigo and Adelaide Bank and Community 21, a coalition of Not for Profit organisations including Jobs Australia, Oxfam Australia, Scope and welfare peak body, ACOSS.
“As a profit for purpose organisation, we are passionate about driving positive social change through society and supporting organisations that make this happen every day,” Peel said.
“Community Sector Banking is half owned by a consortium of Not for Profits, which brings strong influence on our governance and vision. It has encouraged us to create innovative funding models such as an affordable housing bond, annual grants for social investment, and awards to recognise achievement in social housing. Not least, our world first banking service called act. combines crowdfunding with banking, to transform the way individuals and organisations can invest in their communities.
“B-Corp certification is an important global movement – we encourage more opportunities and acknowledgement of organisations committed to redefining success in business,” Peel said.
Alicia Darvall, Executive Director, B Lab Australia and New Zealand said she was thrilled to welcome the first banking service, Community Sector Banking into the Australian B Corp community.
“Their mission is to find financial solutions for social enterprises, Not for Profits and help the marginalised in our community, which fits entirely with the spirit of B Corporations – working towards redefining the success of business,” she said.
Under the global certification, B Corporations must meet the highest standards of overall social and environmental performance, legally expand their corporate responsibilities to include consideration of stakeholder interests, and build collective voice through the power of the unifying B Corporation brand.
Pro Bono Australia was certified as a B Corp in August 2014.