As a business founded on principles of sustainability, it was an obvious step for Triodos Bank to join B Corp when the movement first launched in Europe in 2015. B Corp represents a growing group of companies that strive to use business as a force for good and positive change. There are over 6,100 Certified B Corps across 87 countries and 159 industries. An audit by an independent organisation such as B Corp helps us to test our sustainable mission against strict international requirements in the field of corporate social responsibility. Recertification is required through the completion of B Impact Assessment every three years.
Jacco Minnaar, Chief Commercial Officer of Triodos Bank: “B Corp is a growing community of successful and sustainable companies that create positive social impact and change. We believe the B Corp certification helps increase awareness and credibility of corporate sustainability. It delivers proof that a business-model focused on long-term added value instead of short-term financial profit is the only way forward for all companies. We are part of this movement and are proud to be a B Corp ourselves.”
In order to become a B Corp, businesses are certified by the non-profit B Lab to voluntarily meet rigorous standards of social and environmental performance, accountability and transparency, expressed in a score. B Corps have to achieve a minimum score of 80 points on a scale from 0 to 200. The average score is 97. The score reflects the diversity of the B Corp movement. Some organisations are already well-advanced and have a truly sustainable business model; others are starting the journey.
In its recent recertification Triodos Bank has received a score of 131.3. Our assessment can be found on the B Corp website. B Corp applauds our governance, how we measure the positive impact of our financing and how we support local communities. We could increase the diversity of our own organisation to further improve our score.
More rigorous B Corp standards
B Corp is currently working on an update of its assessment standards in 2024. The standards are moving away from a flexible approach linked to achieving an 80 point score across a range of criteria, to one where all B Corps must meet non-negotiable requirements on 10 specific topics that define leadership on social, governance, and environmental business impact. As part of this work new standards for companies in the financial services industry are being addressed. Triodos Bank welcomes this change, because it will ensure that all B Corps are actually working on positive impact in multiple areas.