MONEYME becomes 3rd ASX-listed financial institution with B Corporation certification
Digital lender and non-bank challenger MONEYME has become the third ASX-listed financial institution in Australia that is also a Certified B Corporation, as it doubles down on its sustainability strategy by aligning to an objective, measurable, verifiable, and proven framework.
According to B Lab, the non profit organisation that governs B Corp Certification, there is a rapidly-growing movement of ~470 B Corp Certified organisations in Australia, of which only 10 are ASX-listed.
Of the Certified B Corporations that are currently on the ASX, just 3 are financial institutions, including Australian Ethical, Liberty Financial, and now MONEYME, however B Lab reports that interest is growing among financial services companies.
MONEYME became B Corp Certified after a rigorous 12-month evaluation and verification process, notably achieving a certified B Impact AssessmentTM (BIA) score of 91.2 – well above the 80-point certification threshold.
Other well-known Australian B Corps include Aesop, Koala and KMD Brands (Kathmandu and Rip Curl).
MONEYME first adopted the B Corp framework and BIA to inform its sustainability strategy in FY22 as a means to amplify its sustainability efforts and give the organisation and its stakeholders confidence in its approach and performance.
The B Corp framework helps to ensure that MONEYME invests time and resources towards sustainability initiatives that create value and avoid greenwashing, due to requirements for both external verification and public disclosure.
Clayton Howes, CEO & Managing Director of MONEYME said, “In November last year, we changed our company constitution to reflect our commitment to positive impact. MONEYME’s constitutional purpose is not only to deliver returns to shareholders, but also to have an overall positive impact on society and the environment. Our environmental and social impact is no longer a second thought, or a nice to have, for our business. It’s a requirement.
“The overwhelming support we received from our shareholders to do this gave us confidence in the importance of driving change from the top.
“Achieving B Corp Certification is a critical element of our wholehearted commitment to society and the environment. B Corps are businesses that meet high standards of social and environmental performance, accountability, and transparency. They measure their success based on the positive impact they create.
“Our hope is that, through leading by example, we will inspire others in our industry to join the movement and prioritise sustainability and positive impact.”
Prior to achieving B Corp Certification, in November 2022, MONEYME cemented its commitment to environmental, social, and governance (ESG) values by adding two clauses to its company constitution which bind its Directors to consider ESG stakeholders in business decisions. The amendment requires shareholder approval for which MONEYME received >98% votes in favour.
Other recent sustainability efforts include publishing a Reflect Reconciliation Action Plan in March 2023, achieving a Board diversity target of >30 percent women in December 2022, and transitioning to 100 percent renewable energy in its Australian offices in FY23.
MONEYME’s Autopay car loan carbon offset initiative has also offset 5,912 tonnes of CO2 emissions since launching in July 2021 (equivalent to driving over 16.5 million kilometres), while its electric vehicle (EV) loan discount is designed to support Australia’s transition to a low carbon economy.
In July 2023, MONEYME committed to measuring and disclosing the greenhouse gas emissions associated with its Autopay loans by becoming the sixth organisation in Australia to be an official signatory of the Partnership for Carbon Accounting Financials (PCAF), joining Commonwealth Bank, Suncorp, Great Southern Bank, IFM Investors, and Metrics Credit Partners.