Bank becomes a B Corp - a Certified B Corporation

February 24: Teachers Mutual Bank Limited achieved B Corp Certification today, after a rigorous 12-month assessment process. B Corps are internationally recognised as having achieved the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. The certification is for three years. 

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.”

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.”

There are currently 5,000 B Corps around the world, less than 45 are banks or mutuals. There are more than 385 B Corps in Australia and New Zealand including other mutual banks Bank Australia, Bank Vic and Beyond Bank. 

Key points

1. We are a B Corp bank - a Certified B Corporation. 
2. Being a B Corp means we are a global leader in using business as a force for good
3. B Corps meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. 
4. The bank’s purpose is to provide ‘banking for good for those who do good’, so being a B Corp is proof of our credentials. 
5. B Corp Certification is a rigorous, verified performance assessment across 5 areas: Governance, Workers, Customers, Community, Environment, with a minimum score of 80 points, 300+ scored questions, multiple verification rounds, a series of interviews and data provision. The process took us over 12 months to complete.
6. 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.
7. Certification is administered by the non-profit global organisation B Lab Unlike other certifications for businesses, B Lab is unique in its ability to measure a company’s entire social and environmental impact across all operations.
8. B Corp measures the entire bank by third party verification.