B Corp Finance calls for stakeholder accountability
In particular, it calls on financial companies to amend their constitutional documents to “align with the broader needs of stakeholders”.
The B Corp Finance Coalition UK comprises 11 Certified B companies from across the UK financial industry including banks, wealth managers and asset managers.
The group said the founding members of the coalition, which includes EQ Investors, Montanaro Asset Management, Tribe Impact Capital and Coutts, have amended their statutes to make stakeholder alignment part of the duties of directors.
“Through this, they hold their directors accountable for achieving this goal and create a mechanism that allows for real accountability,” the group said in a press release.
The coalition went on to say that the CEOs and founders of the group “offer to share the approach, best practices and learnings” with other CEOs and board members.
“The coalition believes that only through radical collaboration can the financial sector bring about rapid, meaningful and lasting change,” he said.
Amy Clarke, co-founder of Tribe Impact Capital, said changes in corporate governance “hold the key to profound systemic change.”
“What we are proposing could be seen as the glue that binds the work of the United Nations SDGs, TCFD, SBTI, IFRS Foundation (and many others) to ensure that the goal and outcomes of the stakeholders are at the heart of our activities and that the duties of directors are automatically linked to the objective defined in our constitutions.
Cedric Durant des Aulnois, CEO of Montanaro Asset Management, added that the UK, as a leading financial center, is well placed to show that stakeholder capitalism can play a critical role in helping solve problems most urgent in the world. ”
You can read Investment weekcoverage of the launch event via our IW COP26 blog here.