Wealth manager and private bank Coutts has become a Certified B Corporation or B Corp.
A B Corp is a firm that balances both purpose and profit. They are also legally responsible for benefitting customers, workers, communities, and the planet while delivering profit at the same time. The long-term goal is to build a more inclusive and sustainable economy.
Coutts is the largest private bank and wealth manager in the UK to be granted B Corp status. It committed to focus on and improve its responsible business agenda.
In addition, it wants to use the certification to inspire and encourage clients on their own sustainable business journeys.
Coutts will now work with NatWest’s Purpose Led Accelerator programme to support entrepreneurs and leaders of sustainable and responsible businesses.
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.”
He 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.”
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!”