As an ethical funds manager, doing good is already central to our business. But back in 2018 we wanted to make it even more of a focus by gaining certification as a B Corporation.
Much like the Fair Trade stamp for coffee, B Corporations (or B Corps) have been independently certified to strict standards of social and environmental performance and accountability. B Corps compete to be the best for the world, rather than the best in the world – a philosophy that aligns perfectly with U Ethcial’s mission to improve our world through the power of ethical investing.
How does B Corp certification work?
B Corp certification is conducted by the non-profit company, B Lab Australia and New Zealand. Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. To receive B Corp certification, companies must complete the B Impact Assessment, which looks at performance across 5 pillars:
Companies who become B Corps have been assessed across all these areas and given an ‘impact score’ considering what they do for all stakeholders, not just shareholders, using business as a force for good. We’re proud to have one of the highest ‘B impact’ scores of any Australian financial institution.
Joining a global movement
The growth in B Corps globally has been spurred by greater consumer demand for sustainability, transparency and accountability from the organisations they deal with. There are now over 200 B Corps in Australia and over 3,000 worldwide from well-known global brands such as Ben and Jerry’s and Patagonia to local organisations such as Koala furniture and Emma & Tom’s food products.
Why is B Corp certification important to us?
Being seen to be good is quite easy, but actually doing good is much more difficult. The rigorous assessment process of obtaining certification as a B Corporation, provides an objective measure that we can use to demonstrate our status as a peer-assessed, authentic, ethical funds manager.
The recognition is also good for our investors, as it means our internal governance, systems and processes regarding our social and environmental performance and accountability are on par with the world’s best.
Since certification we’ve been acknowledged as a ‘Best for the World’ putting us in the top 10 per cent of B Corporations worldwide, in both the ‘Community’ and ‘Overall’ categories.
The B Corp community also provides opportunities to collaborate with like-minded businesses to work together in creating and implementing community initiatives that go beyond the bottom line.
That’s why we’re proud to be a B Corp. To find out more about what is involved in B Corp certification visit www.bcorporation.com.au