B Corps are businesses that balance both purpose and profit. They are legally responsible for benefiting customers, workers, communities and the planet while delivering profit. Their long-term aim is to build a more inclusive and sustainable economy.
Coutts is the largest private bank and wealth manager in the UK to achieve B Corp status and has committed to continue to focus on and improve its responsible business agenda whilst also using the certification to inspire and encourage clients and businesses on their own sustainable business journeys.
Peter Flavel, Coutts CEO, said: “Becoming a B Corp means we are seeking to meet the highest standards by way of transparency, social and environmental performance, and legal accountability. It also means that we want to strike the right balance between profit and purpose. When we saw that one of the ambitions of the B Corp community is to accelerate a global culture shift to redefine success in business and build a more inclusive and sustainable economy, we knew we had to be a part of it.”
Following the certification, Coutts will be working with NatWest’s ‘Purpose Led Accelerator’ programme to support entrepreneurs and leaders of sustainable and responsible businesses looking to make the commitment and embark on the B Corp journey.
Peter Flavel added: "Having an answer to ‘what next?’ is what we feel matters the most. Whilst a certification is absolutely important, it’s what we do from here to improve ourselves, support others and ensure more businesses are thinking sustainably and responsibly that will make the difference. That’s why we’re excited about the work we are doing with the Purpose Accelerators as well as with own clients - we want to be an active part of and help build the B Corp community and drive positive change".
Building the B Corp Community is one of the key goals of B Lab UK. When a business achieves certification, it becomes a signatory of B Lab’s ‘Declaration of Interdependence’.
The B Corp Declaration of Interdependence
We envision a global economy that uses business as a force for good.
This economy is comprised of a new type of corporation - the B Corporation -
Which is purpose-driven and creates benefit for all stakeholders, not just shareholders.
As B Corporations and leaders of this emerging economy, we believe:
That we must be the change we seek in the world.
That all business ought to be conducted as if people and place mattered.
That, through their products, practices, and profits, businesses should aspire to do no harm and benefit all.
To do so requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations.
Chris Turner, Executive Director B Lab UK, said: “We are excited to welcome Coutts to the B Corporation Family. To see such an iconic brand, from such a complicated yet influential sector put themselves forward to be certified is great, and this is key to the B Corporation movement – bringing businesses together to make a difference. We’re particularly excited about the energy and enthusiasm from the Coutts team to help others and work with the wider B Corp Community!”