B Corporation aims to be to business what Fair Trade certification is to coffee - Charity Bank is the sixth firm in the UK to become a Certified B Corporation
Charity Bank, a social purpose bank that uses savings to make loans to charities and social enterprises, today announced that it has achieved certification as a B Corporation.
B Corporations are a new kind of status for companies that use the power of business to solve social and environmental problems. They are certified by the US based nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability and transparency.
“As a simple loans and savings bank, Charity Bank puts money to work for the common good. Many banks claim to be ‘different’ or ‘better’. The B Corporation certification and the rigorous standards it represents provide evidence that Charity Bank acts in a way that is true to its mission and is committed to supporting the creation of social benefit.
“We call on other UK firms to become Certified B Corporations and join with businesses across the globe that promote wider social purposes. If we build a community of Certified B Corporations in the UK, it will make it easier for all of us to tell the difference globally between ‘good’ companies and good marketing.”Patrick Crawford, Charity Bank’s Chief Executive
This certification sits alongside Charity Bank’s Social Enterprise UK accreditation.
James Perry, B Lab’s UK representative, said: “We are thrilled to have Charity Bank as part of the B Corp Community. B Corps are important because they inspire all businesses to compete not only to be the best in the world, but to be the best for the world.
“Certified B Corporations meet higher standards of social and environmental performance, transparency, and accountability. It’s like Fair Trade certification but for the whole business, not just for a bag of tea or coffee.
“Unlike traditional companies, Certified B Corporations are required to consider the impact of their decisions not only on their shareholders, but also on their stakeholders; workers, suppliers, community, consumers, and the environment.”
Independent research commissioned by Charity Bank in May 2014, showed that people want banks to demonstrate greater transparency and support more organisations that benefit society.
The research, conducted by Online Opinions into the attitudes of 1,000 members of the UK public towards various aspects of banking, found that:
89% of people don’t know what happens to the savings they place in their bank, but 72% would like to know, and 67% would like their savings to be lent solely to good causes.
About B Corp
Certified B Corporations meet rigorous standards of social and environmental performance, legally expand their corporate responsibilities to include consideration of stakeholder interests and build collective voice through the power of the unifying B Corporation brand. There are more than 1,195 Certified B Corporations from over 121 industries and 37 countries, representing a diverse multi-billion dollar marketplace.
About B Lab
B Lab is a non-profit organisation that serves a global movement to redefine success in business so that all companies compete not only to be the best in the world, but the best for the world. B Lab drives this systemic change through a number of interrelated initiatives: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and good marketing; 2) passing legislation to accelerate growth of social entrepreneurship and impact investing ; 3) developing B Analytics, a customizable platform for measuring, benchmarking, and reporting on impact 4) providing free, powerful tools for businesses to measure, compare and improve their social and environmental performance (more than 15,000 businesses use B Lab’s free B Impact Assessment). For more information, visit www.bcorporation.net, www.b-analytics.net and www.benefitcorp.net.