Bendigo Bank has been ranked as the best company in Australia in the FORTUNE Annual “Change the World” List of Companies That Are Doing Well By Doing Good.
FORTUNE (a multinational business magazine headquartered in New York City and founded in 1929) is best known for its ranked lists such as the Fortune 500 list of companies, which has been ranking companies across the globe by revenue since 1955.
The Change the World list has been running for three years, and recognises companies that have had a positive social impact through activities that are part of their business strategy. Companies were weighted based on their measurable social impact, business results and degree of innovation.
Bendigo Bank was ranked thirteenth globally, the highest ranked Australian company and second-highest ranked commercial bank in the world, in a list of 50.
Mike Hirst, Managing Director of Bendigo Bank said, “To be recognised among international enterprises committed to strengthening the connection between corporate and community success by addressing social and environmental needs is confirmation that our business model is ahead of its time.
“We are enormously proud of our Community Bank® model, which is the most obvious of our shared value models. The concept of feeding into community prosperity, rather than off it, is fundamental in all we do.
“The model better enables local communities to develop the capability and resources that underpin their own sustainability, growth and resilience through providing funding and helping build commercial skills.”
The Community Bank® model operates here in Canberra, with four of our six local branches run by the Canberra Community Bank® Group.
Two of the branches (Tuggeranong and Calwell) were founded in the 1990s when many of the major banks in the area had closed their doors and locals were left without convenient access to banking services.
Under the model, the community is able to raise the funds to open the branch, so that it remains locally owned and operated. The branch is then managed by a volunteer board of directors (Canberra Community Bank® Group) to ensure operations run smoothly. Bendigo Bank provides all of the products and services of a normal bank, so customers are able to apply for credit cards, mortgages, insurance, and so on.
80% of profits then go back to the Canberra community by way of grants and donations to not-for-profits, charities, community projects, and facilities, and the remainder goes back to shareholders who invested their money to open the branch (all Canberra locals).
Collectively, Canberra Community Bank® Group branches have returned over $1.2 million to the Canberra community, and Bendigo Bank Community Bank® branches have returned more than $165 million nationally.
The model has made a huge difference in the lives of many Canberrans, and countless Australians – so it’s no surprise that FORTUNE has found them worthy of top Aussie spot for companies who are Changing the World!
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