May 9, 2016
After becoming one of the first Public Benefit Corporations (PBC) in Minnesota on January 2, 2015, University Financial Corp, the holding company of Sunrise Banks N.A., has reflected on their progress in 2015 with their first Annual Benefit Report as required by the Public Benefit Corporation regulation. Minnesota State Public Benefit Corporation regulation mandates that all such companies submit an annual report to the Secretary of State for public review.
In the state of Minnesota, a benefit corporation is a corporation that has voluntarily met the highest standards of corporate purpose, accountability, and transparency. Benefit corporations have a corporate purpose to create a material positive impact on society and the environment, have expanded the fiduciary duty of their directors to include consideration of stakeholder interests, and are required to report on their overall social and environmental performance.
In addition to their PBC status, Sunrise Banks is also a certified B Corp. A B Corp is certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. As a B Corp, Sunrise Banks has been named ‘Best for the World’ the in 2013, 2014, and 2015.
The Public Benefit Corporation status isn’t just a bragging right, it requires intention, vigilance, and commitment to the bank’s mission and creating public good. Transparency is also one of the major components of the PBC legislation and something that Sunrise takes very seriously. In their Annual Benefit Report, Sunrise highlights its efforts and results related to community, worker, customer, and environmental impact, as well as governance.
Sunrise Banks CEO, David Reiling had this to say about their first year as a PBC; “We lead by example at Sunrise. It’s one thing to gain certifications and talk about the changes you’re going to make, but to really drive the Public Benefit Corporation movement, we have to show others what that means through our actions, relationships, and day to day business.”
In their first year as a PBC Sunrise made strides to not only improve the lives of their employees, but also the lives of everyone in their community. As an example, Sunrise employees volunteered a total of 8,303 hours which equates to approximately 41 hours per employee.
With over 50 Public Benefit Corporations in Minnesota, Sunrise is at the front of a movement towards transparency and businesses dedicated to more than just obtaining profits. With a growing movement both locally and nationally, dedication to building strong communities and socially responsible business is here to stay.
About Sunrise Banks: Sunrise Banks, N.A., based in St. Paul, Minnesota, seeks to radically change the way urban communities and people thrive by empowering them to achieve financial wellness. Sunrise is certified by the U.S. Treasury as a Community Development Financial Institution (CDFI), a designation earned by approximately 100 banks nationwide. Sunrise Banks is also a member of the Global Alliance for Banking on Values, a public benefit corporation and is a certified B Corp for its demonstrated commitment to transparent corporate governance and positive community impact. Visit Sunrise Banks at SunriseBanks.com, on Twitter @SunriseBanks, or on Facebook. Member FDIC.