Best for the World 2017: Social Stock Exchange
CD: What does being on the Best for the World list mean for your company?
As a membership organisation ourselves with our own rigorous admissions criteria to identify those companies who have impact at the core of their own mission, we are naturally delighted to have made this Best for the World grade from B Lab. It shows that we ourselves are delivering the same exacting standards of governance and reporting that we expect from our own members, adding another valuable layer of credibility to the work of the Social Stock Exchange.
CD: What practices has your company implemented that has helped you become Best for the World?
Our stringent demands for impact reporting from our members has always been at the heart of our business practice. With that in mind, the high score in governance isn't simply a coincidence. However, we will continue to demand ever improving standards of reporting from our members - we appreciate that for those new to the impact arena, the reporting process is itself a learning process but we will always look to support that. We have also written our own impact report, again adding another level of scrutiny to the governance of our own business.
CD: In what ways does the company include and consider your stakeholders in achieving your mission and having a positive impact? How has it contributed to the company fulfilling its mission?
We are always looking to ensure that our members have a measurable social or environmental mission at the heart of what they do. This is why an impact report must be submitted annually for membership to be maintained. The resulting positive impact must not be coincidental or have been deliberately engineered in a bid to gain an impact classification. Ultimately however, our role in demanding the highest levels of governance in impact reporting from our members has a cascading effect to their customers, their employees and indeed society as a whole.
CD: What has your company learned about its operations and areas for improvement by certifying through the B Impact Assessment?
The B Impact Assessment has been hugely useful in allowing us to put our own operations under scrutiny from a fresh angle.
For example, as a growing business based across multiple sites, the B Impact Assessment made it clear that we need to commit more resource to communicating between all the team members, with a specific focus on better connecting the conversation between different offices. By ensuring all parties are better informed of their goals, we believe it will be easier to progress towards - and indeed deliver against - them.
CD: Does the company actively seek improvement in its B Impact Assessment score? If yes, what goals do you have for continued improvement?
Just as we expect our members to be on a constant journey of improvement, we are also committed to improving our B Impact Assessment scores over time, too.
We are currently focussing on how we can improve our Human Resources and recruitment processes, primarily by developing a more structured process which is able to support the expansion of the Social Stock Exchange. We are also looking at how we can improve our annual performance assessment and review process for all members of staff.
CD: Is your company targeting Best for the World lists it isn't already on? If so, which ones and how does it hope to achieve that target?
We are delighted to have made the governance list for Best for the World, as we appreciate the high standards to which all other B Corps hold themselves.
We will continue to advocate the benefits capital markets can hold for the community at the widest possible level - something that appears to have become less obvious in recent decades. As we make further progress in explaining this interaction, the Best for Community list may well be within reach.
CD: Congratulations again Social Stock Exchange on being a Best for the Long Term Honoree!
View the B Impact Report for Social Stock Exchange.