Charity Bank has been officially recertified as a B Corp with an impressive new score. In this blog, we will delve into what it means to be a certified B Corp, our commitment to sustainable practise and the efforts that led to our successful recertification.
What is a B Corp and why did Charity Bank become one?
B Corp is a global movement with a vision: that businesses working together as a force for good can change the world. It ensures that companies not only compete to be the best in the world but the best for the world.
A B Corp certification is awarded to companies that meet rigorous social and environmental standards, demonstrating their commitment to using business as a force for good. In 2015, Charity Bank became the first bank in Europe and the sixth UK business to receive this prestigious certification.
Becoming a B Corp was a way for us to gain independent validation of our ongoing commitment to sustainable practices, social impact, and responsible business operations. It solidified our dedication to balancing purpose and profit and considering the impact of our decisions on various stakeholders.
Who else is a B Corp?
Joining the ranks of B Corps allows us to stand alongside a diverse group of like-minded organisations that share similar values and visions. Today there are more than 6000 certified B Corporations worldwide. An exemplary B Corp is Patagonia, the renowned outdoor gear and clothing company. Patagonia has long been a champion of sustainability, promoting fair trade practices, minimising its carbon footprint, and supporting environmental initiatives. Another inspiring B Corp is Ecotricity, a renewable energy company that has revolutionised the UK's energy market with its green initiatives and focus on reducing carbon emissions.
How does the B Corp label help us make a social and planet-friendly impact?
The B Corp certification provides us with a framework to assess and continuously improve our social and environmental performance. By meeting the rigorous standards set by B Lab, the organisation behind the B Corp movement, we ensure that our actions align with our commitment to sustainable practices. The certification also helps us to attract customers who value socially responsible and environmentally conscious institutions.
Charity Bank's New Score
At Charity Bank, we firmly believe that finance can be a powerful tool for creating positive change in society. That's why we are delighted to announce that we have been recertified as a B Corp, with our score increasing from 128.7 to an impressive 134.4.
Comparing Our Score and Making a Positive Impact
To put our score of 134.4 into perspective, let's look at some benchmark data. The median score for ordinary businesses is 50.9, while a score of 80 is the threshold for qualifying for B Corp certification. We are proud to be well above these benchmarks. Both our previous and new scores highlight our commitment to going above and beyond in creating positive change.
Being recertified as a B Corp is a testament to Charity Bank's unwavering dedication to sustainable practices, social impact, and responsible business operations. We take immense pride in being part of a global community of purpose-driven organisations that prioritise people and the planet alongside profit.
Moving forward, we will continue to leverage finance as a catalyst for positive change, empowering individuals and organisations to create a lasting impact. Join us on this journey of using finance for good!
About Charity Bank
Charity Bank is the loans and savings bank owned by and committed to supporting the social sector. Since 2002, we have used our savers’ money to make more than 1,200 loans totalling over £450m to housing, education, social care, community and other social purpose organisations.
Nothing in this article constitutes an invitation to engage in investment activity nor is it advice or a recommendation and professional advice should be taken before any course of action is pursued.