What is B Corp?
The ‘B’ stands for ‘Benefit’ and is built on the premise of using business as a force for good. B Corps are businesses that meet some of the highest standards of verified, social and environmental sustainability, transparency, and accountability in the world.
B Corp Certification is considered the global gold standard for purpose-driven companies, committed to delivering benefits for people and the planet while remaining profitable.
"We're proud to be the first B Corp general insurer in New Zealand.
After all, to be Here for the Good of the Country, we must do Good for the Country"
What did we do to get it?
B Corp utilises a holistic approach that considers governance, employees, community, environment and clients in its assessment.
FMG was vigorously assessed on having a well-rounded understanding and tactical plan to consistently improve our 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 our Constitution – requiring the approval of our Members at the 2023 AGM.
What’s in it for you?
Farmers and growers are working hard to be the heroes of New Zealand’s sustainability story, and our clients and Members told us to lead by example. We hope to be seen as positive ambassadors for both the insurance and rural sectors.
Adhering to a standard that's not our own, further cements FMG’s accountability, transparency, and commitments in returning benefits to Members and supporting strong and prosperous rural communities.
Everything is about people, and the success of any business is built on the success of its employees. That’s why FMG strives to be a great place to work – attracting and retaining the best people to deliver on our vision and helping the rural sector thrive. B Corp’s are known to attract great talent, because they measure success against how well they look after their people.
What’s in it for us?
It gives us a solid place to start. There is a level of ambiguity tied to the term ‘Sustainability’. Most agree on doing what’s right but can’t agree on ‘what right is’. For us, B Corp provided a measurable framework and benchmark to get on and do something.
It felt good not having to start from scratch. The B Corp framework measures sustainability as an ongoing journey rather than a daunting end goal. This helped us recognise the things we were already doing well (exceptionally high employee engagement and community givebacks), while also revealing the gaps and opportunities that we can continuously improve (reducing our environmental impact) – strengthening the mutual in the long-term.
Joining the B Corp community allows us to connect with global leaders and experts in sustainable business practices. This means sharing insights and best practices to foster collaboration instead of competition – leveraging shared knowledge to strengthen our efforts rather than reinventing the wheel.