Charity Bank, an ethical bank with a mission to use money for good, is today named among companies that are Best for the World in 2017, selected from more than 2,200 Certified B Corporations.
B Corporations are companies that meet the highest standards of verified overall social and environmental performance, transparency, and accountability, and aspire to use the power of business to solve social and environmental problems.
Charity Bank is recognised as being in the top 10 per cent for two categories: Best for Customers for creating the most positive impact on its customers, and Best for the Long Term for creating an innovative governance structure to protect its mission for the long term. B Corporations scoring in the top 10 per cent set a gold standard for businesses wanting to make a positive difference to the world around them.
Charity Bank made the list thanks to its exceptional practices, social sector ownership and social purpose. When you save with Charity Bank, your money is lent to charities and social enterprises working to create lasting social change in communities across the UK. Charity Bank is entirely owned by charitable foundations, trusts and social purpose organisations and its staff do not receive discretionary bonuses.
Charity Bank became the first bank in Europe and sixth organisation in the UK to become a Certified B Corporation in January 2015. Today, there is a growing community of 150 Certified UK B Corporations committed to redefining success in business.
Jay Coen Gilbert, co-founder of B Lab, said: “Companies like Charity Bank are proving that business can be a force for good for all stakeholders. We’re proud to share their achievement in a meaningful way. Best for the World is the only list of businesses making the greatest positive impact that uses comprehensive, comparable, third-party-validated data about a company’s social and environmental performance.”
Patrick Crawford, Chief Executive of Charity Bank, said: “We are proud to be recognised as an organisation that seeks to maximise its social impact. These honours evidence how we put our social purpose and customer interests at the heart of our governance and decision-making. We stand with other organisations using business as a tool to build a better world.”
A total of 846 Certified B Corporations were named 2017 Best for the World Honourees, including: Patagonia; Seventh Generation; National Co+op Grocers; and Business Development Bank of Canada. Forty-eight countries are represented, including Afghanistan, Kenya, Nicaragua and Turkey.
These honours are based on an independent, comprehensive assessment carried out by B Lab, the non-profit governing body of the standards. The full assessment measures a company's impact on its workers, community, customers and environment.B Lab simultaneously released separate lists recognising Certified B Corporations as Best for the World (overall impact), Best for Customers, Best for the Environment, Best for Community, Best for the Long Term, Best for Workers and Best for the World: Changemakers. Full details can be found at bthechange.com.