To become a Certified B Corporation in Canada, credit unions must add an amendment to their by-laws and seek approval for the amendment from their members.
To incorporate stakeholder interests into the by-laws of the credit unions, please include the following language:
The purpose of the Credit Union includes, but is not in any way limited to or restricted by, the creation of a positive impact on society and the environment, taken as a whole, from the business and operations of the Credit Union, which impact is material in view of the size and nature of the Credit Union’s business.
The directors shall, in accordance with their applicable statutory and regulatory duties and requirements and in alignment with the co-operative principles of the Credit Union and its purpose, act with a view to the best interests of the Credit Union. In considering the best interests of the Credit Union, the directors shall consider the interests of the Credit Union’s members, shareholders, employees, suppliers and creditors, as well as the government, the natural environment, and the community and society in which the Credit Union operates (collectively, the “Stakeholders”) and the short-term and long-term interests of the Credit Union, to inform their decisions. In discharging their duty to act with a view to the best interests of the Credit Union, the directors shall consider the interests of all of the Credit Union’s Stakeholders and shall not be required to consider the interests of any particular Stakeholder as determinative, in exercising their judgment.