B Corp is a certification scheme – similar to Fairtrade coffee or organic milk – but it looks at the whole company and everything it does, rather than just one product or service. The certification process is independently verified by the non-profit organisation B Lab.
In order to recertify, EQ had to meet rigorous standards of social and environmental performance, transparency, and accountability while voluntarily expanding its corporate responsibilities to include consideration of stakeholder interests.
The performance standards are comprehensive, measuring EQ’s impact on its employees, suppliers, community, and the environment, as well as the impact of its products and services.
To be eligible for re-certification, companies must score at least 80/200 on its B Impact Assessment. For transparency, the results of this assessment are available online: http://bcorporation.uk/community/eq-investors
Becoming a B Corp also involves changing the legal structure of the company. The purpose of this is to protect the mission of B Corps: to promote the success of the business for the benefit of its shareholders while also having a material positive impact on society and the environment.
John Spiers, Chief Executive, commented: “We are honoured that B Corp has again looked closely at our operations and agreed that we are successfully applying our resources and expertise to address a growing array of social and environmental problems. More so than ever before, the most successful, respected, and desirable businesses exist to do much more than make money.
“As a founding UK B Corp, we are fully committed to making a positive impact in everything we do.”
B Corp has recognised EQ’s work on impact investing with a ‘Best for the World’ award. The EQ Positive Impact Portfolios, which allow individuals to invest in companies creating solutions to social and environmental problems, placed EQ in the top 10% of B Corps worldwide, based on our score in the Customer section of the B Impact Assessment.
There are now 2,100 Certified B Corporations across 130 industries in over 50 countries, representing a diverse multi-billion pound marketplace.