Business Assurance Service joins the growing movement of companies using business as a force for good.
TIAA Ltd has today announced its certification as a B Corporation (or B Corp), joining a growing movement of companies that are reinventing business for the benefit of all people and our shared planet. Verified by B Lab, the not-for-profit behind the B Corp movement, the achievement demonstrates that TIAA Ltd meets high standards of social and environmental performance, transparency, and accountability alongside a commitment to goals beyond shareholder value.
The news comes as the ongoing climate crisis and widening social inequality continue to pose urgent challenges to our economy. B Corp Certification assesses the entirety of a business’ operations and currently covers five main impact areas: Governance, Workers, Community, Environment and Customers. The certification process is rigorous, with companies required to reach a score of 80 points in the B Impact Assessment while providing evidence of responsible practices relating to energy supplies, waste and water use, worker compensation, diversity, and corporate transparency. A business must also legally embed their commitment to purpose as well as profit in their company articles.
TIAA Ltd is now part of a growing community of over 8,000 businesses globally that have certified as B Corps. The B Corp community in the UK is one of the largest and fastest-growing in the world, with over 1,700 companies spanning a range of different industries and sizes. Names include The Guardian, Innocent Drinks, Patagonia, Tony’s Chocolonely, The Big Issue, Finisterre, Elemis, and Sipsmith Gin.
Chris Turner, executive director of B Lab UK, says:
“We are pleased to have B Corps of all shapes and sizes as part of our community — from startups to multinationals and across many different industries. Business is a powerful force and B Corps demonstrate that positive impact is possible in any sector. Welcoming TIAA Ltd is an exciting moment for the Business Assurance industry. B Lab UK and the rest of the B Corp community are really pleased that TIAA Ltd is paving the way for a new way of doing things.”
Kevin Limn, Chief Executive Officer of TIAA Ltd, says:
“We are delighted to be joining the B Corp community. To be part of a growing network of businesses seeking to make a positive impact, is an honour. It is great news for our staff, customers, and shareholders, validating the great work our teams do to support our clients in providing public services of the highest quality. We want to make a difference in all that we do and will utilise this certification to enable us to expand our reach to do more.”
TIAA Ltd Score
Full score information and TIAA Ltd profile can be found on the B-Lab website – TIAA Ltd – Certified B Corporation – B Lab Global
About B Lab: B Lab is transforming the global economy to benefit all people, communities, and the planet. A leader in economic systems change, our global network creates standards, policies, tools, and programs for business, and we certify companies — known as B Corps — who are leading the way. To date, our community includes 730,000 workers in over 8,000 B Corps across 95 countries and 162 industries. More than 280,000 companies manage their impact with the B Impact Assessment and the SDG Action Manager. B Lab has created and led efforts to pass over 50 corporate statutes globally that enable stakeholder governance, with over 10,000 companies using the legal framework. To learn more and join the movement, visit www.bcorporation.net.
About B Lab UK: As part of this global non-profit network, B Lab UK’s purpose is to redefine success in business through building a community of engaged businesses, raising awareness of the B Corp movement and influencing change in the UK economy. Find out more.
About B Corp Certification: B Corp Certification doesn’t just evaluate a product or service, it assesses the overall social and environmental impact of the company that stands behind it. To achieve B Corp Certification, a company must meet a score of at least 80 points on the B Impact Assessment, an evaluation of a company’s positive impact, and pass a risk review, an evaluation of a company’s negative impact; change their corporate governance structure to be accountable to all stakeholders, not just shareholders; and exhibit transparency by allowing information about their B Corp Certification performance to be publicly available on their B Corp profile on B Lab’s website. B Corps recertify every three years and once certified, are expected to increase their score over time as they progress towards becoming more equitable, inclusive and regenerative businesses.
B Lab Contact: media@bcorporation.uk