By Terence Jeyaretnam
Net Balance is proud to announce that we have been certified as a B Corporation™, leading Australia into a better way of doing business.
The B Corporation is a new kind of company which uses the power of business to solve social and environmental problems. Net Balance is the fifth, and largest, organisation in Australia to join the growing community of 675 Certified B Corps from 24 different countries working towards one unifying goal: to redefine success in business. Together with the other four Australian B Corps, we are a Founding Australian B Corporation.
B Corp status is awarded by the US-based non-profit B Lab, which assesses a company’s impact on its employees, suppliers, community and the environment against a set of standards for social and environmental performance, accountability and transparency.
We are thrilled to be certified as a Founding Australian B Corporation after a four-month detailed assessment process by B Lab. Net Balance was founded on the principles of profit and purpose; our mission is to lead organisations into a sustainable future through practices that will improve long-term performance as well as benefit people and the planet. Our belief that business is best placed to solve social and environmental problems very closely resembles what B Lab certifies as a B Corporation. The independent certification reinforces values and principles that characterise Net Balance. We will be encouraging our clients to join us in supporting this important movement.
Net Balance has an unusual corporate structure, in which the business spends up to 20 per cent of staff time on a parallel not-for-profit organisation, the Net Balance Foundation. Jane Farago, General Manager of the Foundation, commented, “Net Balance believes that, for business to succeed into the future, it must be led by purpose as much as profit. Net Balance is enthusiastic about business models such as the B Corporation because it reflects our belief that the natural selection process will redefine business success in the new economy – that is Tomorrow’s Agenda.”
As part of the certification process, Net Balance signed an Independence Declaration including:
- That we must be the change we seek in the world
- That all business ought to be conducted as if people and place mattered
- That, through their products, practices, and profits, businesses should aspire to do no harm and benefit all
- To do so, requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations.
“B Lab is extremely excited to see the community of B Corps grow in
Australia, a class of committed and high impact companies that compete to be the
best FOR the world not in the world”
- Nathan Gilbert, B Lab.
B Lab is a 501(c)3 non-profit that serves a global movement of entrepreneurs using the power of business to solve social and environmental problems. For more information on B Lab visit: http://www.bcorporation.net/what-are-b-corps/the-non-profit-behind-b-corps
Terence Jeyaretnam is a Director of Net Balance (email@example.com),
one of the world’s leading sustainability advisory firms.
Terence is based in Melbourne.