Time is right to recognise a new kind of corporation
As a sell out crowd discusses Next Generation Capitalism and the new economy tonight at BMW Edge In Melbourne, it is time for Australia to start formally recognising new kinds of businesses like Benefit (B) Corporations, cooperatives and social enterprises.
According to bankmecu Managing Director Damien Walsh, B Corporations along with cooperative enterprises use the power of business to solve social and environmental problems, and are forging a new sector of the economy.
“The emergence of B Corporations – and a renewed interest in cooperative enterprises – reflects a growing consumer demand for ethical businesses that are making a genuine contribution to solving some of the world’s most pressing problems.
At the same time they are contributing to a fairer distribution of profits back to the community.”
“Just last week, Small Giants became Australia’s first Certified B Corporation and we congratulate them on this achievement,” Damien said.
According to Small Giants CEO Danny Almagor, B Corporations handle their environmental impacts responsibly, engage with their communities positively, care about their employees, and are delivering superior products and services to consumers.
There are currently more than 500 Certified B Corporations internationally across 60 sectors of the economy.
“bankmecu has a 50 year history in business as a values-driven cooperative business but we believe there has never been a more important time for Australians to identify those businesses that are genuinely developing a new social economy,” Damien said.
“Because of their unique structure, cooperative businesses give their customer-owners a formal share in the business; it is a meaningful stake because of the one member, one vote structure.
“We are working hard to define and develop a 21st century approach to banking - one which uses finance to create shared value and deliver sustainable development for people, communities and the environment.”
bankmecu is Australia’s first customer owned bank with assets exceeding $2.8 billion and over $300 million in capital. bankmecu has 26 Service Centres across the country, some 128,000 customers and around 348 staff.
bankmecu along with Social Traders and RMIT University are presenting Next Gen Capitalism – Profit, People, Planet at BMW Edge, Federation Square.
Tuesday 7 August - 6pm – 7.30pm
THE EVENT IS SOLD OUT BUT MEDIA ARE WELCOME TO ATTEND
The forum brings together leading thinkers and practitioners involved in the social economy.
Hosted by Michael Short of The Zone, a leading thinker on the role of business and the economics of community value, this panel discussion seeks to engage the audience in exploring a Next Generation of capitalism.
Melina Morrison - Director of Australia’s Secretariat for the UN Year of Cooperatives and a founding director of Social Business Australia.
Danny Almagor - CEO and founder of Small Giants, Australia’s first Certified B Corporation, which creates, supports, nurtures and empowers businesses that are shifting us to a more socially equitable and environmentally sustainable world.
Mark McKenzie-McHarg - Expert on rural and regional community buy-outs and founder of the Yackandandah Community Development Company and Mt Buffalo Community Enterprise.
Jonathan Tasini - A leading US political and economic strategist, with over 30 years experience, Jonathan is now based in Sydney.
bankmecu Managing Director, Damien Walsh and members of the Next Generation Capitalism panel are available for comment.
Media enquiries, please contact Stephanie De Campo on 0432 828 004.