ICMIF member FMG (Aotearoa/New Zealand) has announced this month that it is now a certified B Corp. The mutual says it is joining the ranks of global heavy hitters such as Patagonia and Ben and Jerry’s, alongside another ICMIF member Simplyhealth – all of which are working towards the shared goal of delivering benefits for people and the planet while remaining profitable. FMG is also the first B Corp certified general insurer in Aotearoa/ New Zealand.
The ‘B’ in B Corp stands for ‘Benefit’ and is built on the premise of using business as a force for good. As certifications go, FMG says, B Corp is considered the global gold standard for measuring sustainability and this is due to the difficulty in achieving the standard. B Corp certification uses a holistic approach that seeks balance across governance, employees, community, environment, and client impact.
As a mutual, FMG says it was already a sustainable and values-driven business, but there was also the recognition that sustainability is a hard thing to measure. Whilst many people will agree on doing what’s right but then can’t agree on a definition of ‘what right is’. For FMG, B Corp provides a measurable framework and benchmark so it can get to work. BCorp further cements FMG’s accountability, transparency, and commitment to returning benefits to its members whilst also supporting strong and prosperous rural communities.
Another benefit of the B Corp framework for FMG is that it measures sustainability as an ongoing journey rather than an end goal. It will enable the mutual to continuously identifying areas for improvement, recognising both its strengths and the opportunities for growth. FMG recognises its duty of championing rural sustainability as a trusted member of the community. The company’s members and clients want it to lead from the front and so FMG says that’s what it is doing.
Being part of the B Corp community also offers opportunities to connect with global leaders and experts in sustainable business practice. This network will allow FMG to share insights and strategies while encouraging collaboration and knowledge sharing to strengthen its efforts.
Becoming a B Corp will ensure that FMG adheres to the highest standards while delivering the insurance and advice it feels its members expect and is there when the unexpected happens. It locks in FMG’s commitment to its values, its rural communities and a more sustainable future.
FMG was vigorously assessed on having a well-rounded understanding and tactical plan to consistently improve its governance, environmental and social impacts – including emissions and waste reduction, employee development and benefits, giving back, client stewardship, local economic impact and industry advocacy.
B Corp certification also requires companies to formally adopt sustainability principles into their legal/governing documents. For FMG, this meant updating its Constitution – requiring the approval of its members at the 2023 AGM.
Learn more about the process of B Corp certification and its benefits for FMG here.
