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Teachers Mutual Bank Limited’s Members overwhelming vote in favour of B Corp resolution at AGM

Teachers Mutual Bank Limited’s (TMBL) Members have voted in favour for updating the Bank’s constitution to reflect its B Corp status recording a 91.4% in favour vote.

This strong vote of support, is supportive of the intention of the constitution updates to reflect TMBL’s mission to be a force for good, further demonstrating the Bank’s commitment to act in the best interests of all stakeholders – including the community, our people and the environment.

The details:

Additional words to the Company’s Objects in Appendix 1

Whilst pursuing the above Objects, the Company’s purpose is to have an overall positive impact on society and the environment.

A new Rule 10.4 to impose a duty on the Board to consider, and require management to consider, the impacts of their decisions on Members, staff, society and the environment

1. In discharging their duties under this Constitution, the Corporations Act and the general law, the directors of the Company:

(a) must consider, and cause the other officers of the Company to consider:

(i) the likely consequences of any decision or act of the company in the long term;

(ii) the interests of the Members of the Company;

(iii) the interests of the Company’s employees;

(iv) the need to foster the Company’s business relationships with suppliers, customers and others;

(v) the impact of the Company’s operations on the community and the environment;

(vi) the desirability of the Company maintaining a reputation for high standards of business conduct; and

(vii) the ability of the Company to create an overall positive impact on society and the environment.

(b) Need not give priority to a particular matter referred to in paragraph (a) over any other matter, unless the Company has stated in this Constitution that the directors of the Company must give priority to certain matters related to the pursuit or creation of any objects listed in this Constitution.


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