OVERCOMING BUSINESS CHALLENGES WITH B-CORP: A ROADMAP TO SUSTAINABLE SUCCESS
Gemma Walton
7 minute read
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ESG and sustainability credentials are becoming a must. From B Corp to culture, social responsibility to diversity and inclusion, we support businesses looking to improve the corporate responsibility.
Sustainability credentials are no longer a ‘nice to have’, they’re becoming a must. Getting ahead of the curve on sustainability signals the strength of your business, makes your purpose known, and helps you establish a leading position in your market segment.
Your sustainability journey isn’t just about reporting or being net zero. It’s about how you put forward a vision (your why), how you think about ESG transformation and integration, and how you weave that through your company from top to bottom, strategy to operations.
At Cooper Parry, we help you to simplify your sustainability journey and move towards sustainable business practices with a pragmatic, jargon-free, custom-made solution.
Read more about Impact Beyond Business.
In a noisy marketplace with consumers looking for positive businesses, it’s difficult for companies to differentiate their sustainability story. B Corp certification helps companies prove their sustainability credentials and demonstrate a purpose-driven approach.
Companies that are B Corp shifted from a shareholder-led business model to a stakeholder-driven model that requires a complete examination and refocus of activities, operations, and the impact that each of these factors has on all stakeholders. Ultimately, B Corps use business as a force for good.
To certify as a B Corp, companies must achieve a score of at least 80 points on the B Impact Assessment (BIA), which assesses companies’ performance in five key impact areas: Governance, Workers, Community, Environment and Customers. The certification doesn’t just evaluate a product or service; it assesses the overall positive impact of the company as a whole.
Cooper Parry is B Corp certified and we can work with you if you want to B too.
Our approach for B Corp accreditation covers the steps below:
B Corps reap remarkable benefits. Purpose-driven businesses see increased customer commitment, higher levels of employee engagement, and enhanced relationships with stakeholders, all while building a positive, future-proof business. A B Corp certification proves without question your purpose-driven approach.
Demand for confidence in sustainability disclosures is growing as government regulations deepen and stakeholder expectations rise. The transparency requirements are no longer a complementary feature of the companies’ value proposition, but a need that must be integrated into the business operating model for long-term success and viability.
The CP approach to Sustainability Assurance
We provide assurance on your sustainability information, requirements, and achievements, tailored to your needs. Our main areas of focus are:
Once the selected subjects and indicators are ready for assurance, we use the following approach:
In providing third-party verification, Cooper Parry relies on two main types of standards, ISAE 3000 and ISRS 4400, as well as proprietary methodologies.
ISAE 3000 offers two different types of assurance options – limited or reasonable assurance, depending on the level of evidence collected by the auditor to form a conclusion.
ISRS 4400 is the standard for agreed upon procedures engagements. No assurance is provided by the auditor, but the users of the report will draw their own conclusions based on the auditor’s work.
Providing assurance on sustainability reporting helps enhance the quality of disclosures, and therefore provides both management and stakeholders comfort on the progress made towards set objectives. The growth in sustainable finance, including green bonds and loans, means investors also require greater transparency in sustainability disclosures.
As investors and other stakeholders are calling on companies to disclose more about their sustainability and environmental, social and governance strategies, sustainability reporting isn’t just the right thing to do. It’s becoming a necessity.
A worldwide push towards more sustainable business practices has come alongside an ever-growing list of legislative documents requiring companies to disclose non-financial information.
So, if regular sustainability reporting isn’t part of your sustainability strategy and program already, it should be.
Whether you’re a first-timer or a seasoned pro, ESG reporting can be a complex and time-consuming exercise, and generally a bit of a minefield. Be it TCFD, GRI, ISSB or a wider Impact Report, we offer pragmatic and simple sustainability reporting solutions – helping you find the value in your sustainability report with less of the pain.
We can take you through the full journey from deciding the most appropriate or required standards, guidelines and frameworks for your organisation, to helping you dig out the right data, establish a robust internal controls system and put in place a sustainable reporting regime.
Calculating the carbon footprint of your business is the first step on your journey to net zero. A carbon footprint is the total greenhouse gas emissions caused directly and indirectly by your business, and is categorised into three scopes:
Whether you have mandatory emissions reporting like SECR or ESOS and need some assistance, or just want to get ahead of the market, the Sustainability team at Cooper Parry is here to help you.
We measure your carbon footprint following the most widely used and globally recognised standards: The Greenhouse Gas Protocol Corporate Reporting and Accounting Standard and the Department for Environment, Food and Rural Affairs’ annual UK Government Conversion Factors for Greenhouse Gas Reporting.
A figure of total tonnes of carbon dioxide equivalent emissions (tCO2e) will be calculated with a breakdown of sources and scopes. And we provide data visualisations demonstrating the key areas of emissions from your business and where to focus reduction targets.
Streamlines Energy and Carbon Reporting (SECR) is a mandatory scheme that applies to large UK companies. Businesses within scope must report to Companies House on energy use and associated carbon emissions. A business in scope must meet two of the following criteria:
At the introduction of SECR, the government had not yet signed the legal commitment to be net zero by 2050, so we’re expecting an increase in stringency.
To give you a taste, potential changes could include but aren’t limited to:
There’ll be more emphasis on meeting targets. So, you should gain more visibility over your carbon footprint, allowing reduction targets to be set – and smashed.
At the start of your journey, it’s important to perform a materiality assessment. This is the backbone of your sustainability strategy. In plain terms, a materiality assessment takes stock of where companies can best impact or influence the sustainability agendas that matter most.
Having a third party help with your materiality assessment can lend credibility to your reporting and certifications. We’ll work with you to create a sustainability strategy that will make your employees eager to join in. And we’ll help you set goals that matter, measure metrics over time, and make reporting easier.
To begin with, we survey your internal and external stakeholders. Based on the assessment, we identify the relative impact of a range of environmental, social, and governance (ESG) issues on the company’s performance, and their viability within the current market framework. Then, we categorise these issues into a hierarchy that can be used to guide strategy and help you provide a complete and accurate accounting of your sustainability to investors and stakeholders.
Nicoleta Ciobanu
Head Of Sustainability
“You did what you were supposed to, but did it pretty well.”
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“Great service and always timely communication. I feel we have a partner supplier rather than just an auditor”
“We always get a quick reply whenever we have an issue or a query. It was a very good team of auditors that undertook our audit once again – a mixture of continuity and some new faces – and accommodating our tight reporting deadline was much appreciated”
“My first encounter with the CP audit team and I was impressed. Calm, reliable, organised and ultimately professional. Understanding and sympathetic to our circumstances and keen to work with us to achieve an outcome”
“Smooth audit with knowledgeable and friendly staff. I have received great input from both audit partner and manager in my first year as CFO. I have appreciated the pragmatic and flexible approach”
“Robust communication. Excellent support. Supportive business partnership”
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“Audit processes work very well with Inflo and supported well by phone calls or Teams calls throughout the audit process. Outside of audits, advice on any matters financial is usually quick and helpful and never appears to be too much trouble. Any of the audit teams we have worked with throughout the years have always shown the same friendly professionalism that is supportive, fair and informative, which is crucial when and if things don’t always go to plan or unexpected outcomes occur. Thank you very much”
“The team are always responsive and their approach to audit is refreshingly solution orientated. I already refer them on a regular basis”