Coutts achieves B Corp™ status
Coutts, the wealth manager and private bank, today announced it has become a Certified B Corporation (B Corp)™.
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’.
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!”