Teachers Mutual Bank Limited bolsters ESG credentials with B Corp Certification

• B Corp Certification is internationally recognised and certifies that the business meets the highest standards of verified social and environmental performance

24 February 2022: Teachers Mutual Bank Limited is announcing it has achieved B Corp Certification by global non-profit organisation B Lab, ahead of B Corp month in March. B Corp Certification is internationally recognised as a rigorous performance assessment at a time where greenwash is on the rise. It strengthens Teachers Mutual Bank Limited’s credentials as a world-leading socially responsible bank.

Teachers Mutual Bank Limited joins over 385 businesses in Australia and New Zealand that are Certified B Corporations, including fellow mutual banks Bank Australia, Bank Vic and Beyond Bank. B Corps meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.

Chief Executive Officer, Steve James, said: “At Teachers Mutual Bank Limited, our purpose is to provide ‘banking for good for those who do good’ and B Corps are recognised as ‘global leaders in using business as a force for good.’ This synergy is why we’ve become a B Corp. It proves that our bank’s purpose is not just words. Working closely with B Lab Australia and Aotearoa New Zealand we’ve completed a tough test over the past 12 months which thoroughly examined how our business model impacts our people, community, environment and customers.

“The mutual banking sector currently has a unique advantage to be ethical leaders in the finance industry, thanks to our history of strong customer bonds and reputation as purpose driven organisations. We’re keen to build on our 55 year history as an ethical organisation and immerse ourselves in the global B Corp network to help drive the movement of banking for good.”

Certification involves more than 300 scored questions in the B Impact Assessment, a rigorous verification process that involves multiple stages, a series of interviews, and data provision. The combination of third-party verification, public transparency, and legal accountability makes B Corp Certification unique, credible, and significant; it builds trust as it measures what matters most.

Head of Socially Responsible Banking, Corin Millais, said: “Businesses have a big role to play in creating a healthy and sustainable society. As consumers place growing pressure on businesses to act ethically and responsibly, greenwash is an increasing problem. B Corp is the path forward for businesses looking to verify their commitment to building a better world. Unlike other ESG certifications for businesses, B Corp is unique in its ability to measure a company’s entire social and environmental impact across all operations. It’s the antidote to greenwash.”

Andrew Davies, CEO of B Lab Australia and Aotearoa New Zealand, said: “We’re really excited to have Teachers Mutual Bank Limited join the B Corp movement. B Corps are leading the way in using business as a force for good and it’s vital that consumers have ethical finance options. Teachers Mutual has demonstrated a clear commitment to using its operations to make a quantifiable, positive impact on the world.”

Teachers Mutual Bank Limited’s B Corp Certification follows 12 months of leading socially responsible banking achievements including signing the Tobacco-Free Finance Pledge, being named on the list of 2021 World’s Most Ethical Companies by the Ethisphere Institute for the eighth year in a row and joining the Climate League 2030 initiative led by the Investor Group on Climate Change, aimed at collaborating across the finance sector to reduce emissions by 45% in 2030 in line with the Paris Agreement. Teachers Mutual Bank Limited was also the only bank named as a Responsible Investment Leader by the Responsible Investment Association Australasia.

You can find more information about our B Corp Certification and Impact Assessment by viewing Teachers Mutual Bank Limited’s public profile on the B Corp website.