Hastings financial services conglomerate, Te Rehe Group, has joined the B Corp ranks after earning the global stamp of corporate best practice this month.
The B Corp accolade applies to all four Te Rehe entities including the advisory services firm, Finzo, Stewart Group Asset Management as well as the Hastings- and Wellington-based Stewart-branded financial advice businesses.
Te Rehe rated 105.4 in the complex B Corp scoring system against the NZ average of almost 82.
Cambridge firm, Moneyworks, was the first NZ financial advisory business to receive a B Corp badge with a score of 102.9 confirmed this August.
However, Stewart Group and Finzo chief, Nick Stewart, said the multiple subsidiary B Corp ranking is unique for a NZ financial services business.
“It took a lot of work to get to this point,” Stewart said. “We started the process 18 months ago and put our submission in this February.”
As well as documenting numerous business practices, the B Corp assessment takes in factors such as energy and water use of physical assets. For example, the Stewart Group installed a water meter and solar panels on its Hastings office building, which now exports power via a private network.
B Corp conducts an in-depth investigation to validate applicant claims with a review every two years, Stewart said.
He said the global recognition of sustainable business practices chimed with many clients of the various Te Rehe operations.
“A significant number of our clients are community-focused – such as trusts and iwis – and the B Corp values resonate with them,” Stewart said.
To date, about 5,840 businesses across the world have been awarded B Corp status including more than 200 in NZ (although some these are local branches of offshore firms). Aside from Te Rehe and Moneyworks, a handful of other NZ financial services companies including Pathfinder, Sharesies and Kiwibank are on the B Corp books.
B Corp is promoted by B Lab Global, a not-for-profit organisation founded by Andrew Kassoy and Bart Houlahan in 2006.
The B Corp stamp is “a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials”, according to the website.