mallowstreet calls on pension and insurance sectors to engage with B Corporation challenge
Pardon the Interruption
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mallowstreet, the leading community for institutional pension and insurance professionals, has been certified as a B Corporation. This is the latest in a series of progressive steps: in addition to helping launch and support several pioneering initiatives such as the mallowstreet Climate Charter and 10,000 Black Interns, the company has also been carbon neutral since 2019.
Upon news of certification, Stuart Breyer, CEO of mallowstreet, wrote:
"Becoming a B Corporation codified our thinking as a business. The B Corporation framework sets out a definitive vision of what we want to sign up to: an inclusive, equitable and regenerative economic system for all people and the planet. Let's use business as a force for good.
"At mallowstreet, our overriding purpose is to help provide a better retirement for everyone. It is a benchmark we use internally every day to make decisions. Some tell us this is a lofty goal for a team of 23, but we've always believed that through convening key players in the industry, we can drive positive change and empower our community members to make better decisions.”
Becoming B Corporation certified has taken a year to complete the process and requires mallowstreet to recertify every three years.
Stuart Breyer now urges firms in pensions and insurance to join mallowstreet and the 5,000+ businesses which have achieved B Corp status.
"Our call to action from this is clear. It isn't 'wow, look at what we've done' but quite the opposite. Having spent more than 12 months working through hundreds of questions, and re-thinking and challenging all of our practices, we can say the process was incredibly helpful for us as a business.
"We encourage everyone in our industry to go through this process. I believe this can only collectively strengthen us."
Please click here to read Stuart’s blog in full, and for more information on mallowstreet, please visit mallowstreet.com.
About B Corporation Certification
B Corp Certification is a third party certification standard that evaluates a companies impact on all stakeholders. A certified B Corporation goes through a stringent assessment process to evidence that they meet the highest standards for social and environmental performance. The standards are intentionally set high and cover a company’s impact in 5 key areas: Governance, Workers, Community, Environment and Customers.
The definition of a B Corp provided by B Lab, the not-for-profit behind B Corps is the following:
“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. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy.”
A B Corp is committed to changing their constitution to codify their priority of considering all stakeholders. A stakeholder includes anyone who is affected by the actions of the company, such as employees, customers, members of the local community, or members of the community in which the company has an environmental impact.
By focusing on the stakeholders instead of giving the shareholders primary consideration, B Corps recognise that they must take responsibility for the impact of their activities while generating their profits.
Information about the performance of B Corps measured against B Lab's standards is publicly available on its B Corp profile and on B Lab's website.
