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B Corps are better businesses for a better world. We’re now B Corp certified.

 

Being a B Corp is being a different type of business. For us, it’s about banking done differently.

Becoming a B Corp means meeting the highest social and environmental standards in the world. And from June 2020, we could not be more excited to be part of the B Corp movement.

At Bank Australia, we’ve always put people and the planet above profit. From investing our after-tax profits into projects that have a positive impact, to purchasing our Conservation Reserve, saying no to loaning to harmful industries or being carbon neutral, our purpose has always guided us.

Decades of work has been officially verified and recognised and we can now call ourselves a B Corp.

Becoming a B Corp doesn’t stop here. Every B Corp is recertified every three years. Every time you’re recertified, the criteria becomes more challenging and each B Corp needs to be more ambitious to reach the standard.

That applies to us too, and as we move through our B Corp journey, we’ll be telling you what we’re doing to be an even better business.


 

What does it mean to be a B Corp?

 

Read our B Impact Report

How did we become a B Corp?

Becoming a B Corp has meant taking a long, hard look at everything we do, combing through paperwork and talking to everyone who works at Bank Australia – right down to who we purchase our toilet paper from.

Carbon neutral

We’re certified carbon neutral and we run on 100% renewable electricity. We measure, reduce and offset our greenhouse gas emissions every year and we’re certified carbon neutral by Climate Active.

Responsible Banking Policy

Every loan we take on goes through our strict Responsible Banking Policy. That means it goes through some of the toughest social and environmental impact criteria to ensure that we’re not funding things like fossil fuels, live export or gambling. We’ve even been recognised by the Global Alliance for Banking on Values for our excellence in sustainable banking.

Conservation Reserve

We’re the only bank in the world to own and run a Conservation Reserve. Our Reserve is a big part of our work on climate change and engaging with Traditional Owners and their knowledge. The reserve is also connected to our products, such as offsetting the emissions associated with funding construction home loans and car loans.

B Corp is a movement

We're so glad to finally be a part of it. We’ve joined thousands of companies around the world, from all different industries, meeting the B Corp standard.


 

                                             More than                  in                     across                  with

            

                                             companies          industries          countries         unifying goal

Inside Australia's B Corp boom

Take a look inside what's driving this shift to business as a force for good and why it matters. 

Find out more

Clean Money

Is the money in your bank doing good or harm? Where you bank ultimately shapes the world we live in.

Find out more

Where can I learn more?

Check out the below resources for more information.

                       

             B Impact Report        B Corporation        Responsible Banking      

Frequently asked questions

What is a B Corp?

Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy.

What is the B Corp logo?

The B Corp logo is used by certified B Corps and provides an external validation of the company as a purpose-driven business.

How will Bank Australia use its B Corp status?

The B Corp framework will be used internally as a guide for developing a strategy to continuously improve how the bank creates positive outcomes for employees customers, communities and the planet. Many people from across the bank will be involved in implementing this strategy over the coming years. It will also be used to measure and evaluate how the bank is pursuing its purpose.

We will also use the certification to be part of the B Corp community where we can learn from others and potentially do business with other B Corporations.

The B Corp status will become part of our external marketing and communication to customers and prospective customers as evidence for our position as a responsible bank. The profile of the B Corp symbol is growing amongst individuals interested in purpose-driven business as well as in the impact invest sector where it is considered a positive credential.

How many B Corps are there?

There are over 3000 B Corps globally, from 60 countries and operating in around 150 industries. In Australia and New Zealand there are around 250 B Corps.

What other companies are certified B Corps?
  • Patagonia
  • Intrepid
  • Kathmandu
  • The Body Shop
  • Stone and Wood
  • Australian Ethical Super
  • Ben and Jerry’s
What is the mission of the B Corp community?

The B Corp community works toward reduced inequality, lower levels of poverty, a healthier environment, stronger communities, and the creation of more high quality jobs with dignity and purpose. By harnessing the power of business, B Corps use profits and growth as a means to a greater end: positive impact for their employees, communities, and the environment.

How does a business achieve B Corp certification?

B Corp Certification assesses the overall positive impact of the company. The assessment involves more than 300 questions related to all aspects of the company operations and the way in which acts to have a positive impact. The validated by providing documentation and a series of interviews before a final score is provided. 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. Companies need to recertify every three years.\

The combination of third-party validation, public transparency, and legal accountability help Certified B Corps build trust and value. B Corp Certification is administered by the non-profit B Lab.

What is covered in the B Corp assessment?

The B Impact Assessment examines a company's impact on their workers, community, environment, and customers. The BIA also asks questions about a company's governance structure and accountability. Questions are split into two categories: Operations, which covers a company's day-to-day activities, and Impact Business Models, which awards additional points for business models designed to create Page 5 of 5 MKT FOR 10 additional positive impact. The B Impact Assessment is updated every year to incorporate feedback and improve upon the standards.

What information about B Corps is publicly available?

All Certified B Corps share their B Impact Assessment overall scores and category scores on their public profiles on bcorporation.net. Public companies and their subsidiaries have extra transparency requirements and make their entire B Impact Assessment public, with particularly sensitive information like revenue redacted. Companies that have material items, such as lawsuits, on their Disclosure Questionnaire may also be required to make that disclosure transparent as well. Bank Australia’s profile and information will be publically available from August.

How did the B Corp movement start?

In 2006, three friends left careers in business and private equity and created an organisation dedicated to making it easier for mission-driven companies to protect and improve their positive impact over time. The first 82 B Corps were certified in 2007.

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