Teachers Mutual Bank Limited strengthens sustainability credentials with B Corp re-certification
Teachers Mutual Bank Limited today announced its successful B Corp re-certification and a 19 per cent improvement on its B Impact Assessment score, making it the second highest overall score currently achieved by a mutual bank in Australia1.
Certified B Corporations (B Corps) are verified by B Lab for meeting high standards of social and environmental performance, transparency, and accountability2. To become certified under B Lab’s current standards, B Corps must achieve a B Impact Assessment score of 80 or above3. Qualifying for re-certification requires an organisation to demonstrate continuous improvement across the five areas measured in the B Impact Assessment: governance, workers, community, the environment, and customers.
Up from 102.4 in January 2022, Teachers Mutual Bank Limited’s new overall B Impact Assessment score is 121.64.
Teachers Mutual Bank Limited CEO, Anthony Hughes, commented on the bank’s sustained commitment to embedding sustainability into its core business: “Being a force for good is central to who we are and what our members expect – banking for good, for those who do good.
“B Corp Certification sets a high bar, and the recertification process is even more rigorous. We are pleased with this result, which reflects our progress over the past three years, the strength of our whole-of-bank practices, and our ongoing commitment to meeting our members’ expectations to operate as a purpose-driven bank.
“Our Members told us this was important to them when they voted to change our Constitution in support of B Corp Certification in 2022, and with re-certification we continue to deliver against their expectations.”
As a recertified B Corp, Teachers Mutual Bank Limited is one of eight Australian mutual banks and 58 banks worldwide5 that are using their business as a force for good, prioritising people and planet, alongside profit6.
B Lab AANZ CEO, Andrew Davies, said: “We are thrilled to celebrate Teachers Mutual Bank Limited’s recertification. In a time when trust in business is under pressure, B Corps like Teachers Mutual Bank Limited are setting the benchmark for what responsible banking can look like. Their long-standing commitment to ethical finance and member-led impact is a powerful example of purpose in action. As the financial services industry is such an important driver of change, we’re excited to continue supporting Teachers Mutual Bank Limited on its journey of continuous improvement and impact.”
Teachers Mutual Bank Limited’s latest B Corp Certification from B Lab Global is valid until May 2028 and will be retained under the proposed merger with Australian Mutual Bank Limited which is also B Corp Certified.
About B Corp Certification
Certified B Corporations, or B Corps, are companies verified to meet B Lab’s standards of social and environmental performance, transparency, and accountability. Based on stakeholder input, research, and established best practices, B Lab’s standards are the basis for B Corp Certification requirements and B Lab’s impact management tools, and they inform the network’s programs and collective action initiatives. To learn more, visit bcorporation.com.au
About B Lab
B Lab is a non-profit transforming the global economy to benefit all people, communities, and the planet. A leader in economic systems change, our global network creates standards, policies, tools, and programs for business, and we certify companies, known as B Corps, who are leading the way. The B Corp community is on the cusp of a major milestone – a groundswell of 10,000 companies across more than 100 countries, employing nearly 1 million workers. To learn more, visit bcorporation.com.au/about/