Banking on B Corp
Atlantic Canada-based credit union gets graded on doing good

CREDIT UNION ATLANTIC (CUA) has joined the B Corp movement. The Halifax-based banking institution became a certified B Corp in February, the first one in Atlantic Canada to earn the designation and the third in Canada. If you’ve never heard of a B Corp, you’re not alone. But there are more than
1,600 certified B Corporations in over 120 industries and 40 countries.

The B Corp concept began in 2006 in the U.S. with the vision that business be used as a force for good and that one day all companies will compete not only to be the best in the world but the best for the world. If more businesses do this, the B Corp movement thinks the world will have a more shared and durable prosperity.

Marie Mullally, president and CEO of CUA, says that ethos meshes well with her organization’s commitment to investing in communities, its employees and its members. That’s probably why CUA decided to go through a six-month certification process. B Lab, a non-profit, conducts the evaluation.

But why make the effort in the first place, especially considering CUA already has a reputation for being community-minded? “We wanted to ensure we were on the right track, and it does focus your organization to ensure it is meeting these standards,” Mullally says.

With B Corp’s having to complete annual reviews to stay certified, the CUA will have to remain focused to retain this status. However, Mullally says she’s excited CUA is in the B Corp fold and she thinks it’s something more businesses should be a part of. “I think communities are going to expect companies to be at this standard,” Mullally says. “I think there is huge value in assessing your current practices to make sure you are having a positive impact.”