As one of the first financial services organisations to complete the process, Triodos has welcomed the higher bar for environmental and social performance and the stronger focus on accountability, transparency, and continuous improvement.
The recertification marks a new chapter in Bristol-based Triodos Bank’s long-standing relationship with the B Corp movement. In April 2015, Triodos became the first pan-European bank to achieve B Corp certification, coinciding with the official launch of the movement in Europe.
Jacco Minnaar, Chief Commercial Officer at Triodos Bank: “We are proud to be among the first financial services organisations to be certified against these stricter standards. We chose to go through the new process at an early stage, because we see ourselves as a frontrunner in sustainable finance and we welcome the independent challenge to keep improving and to be transparent about where further work is needed.”
For Triodos Bank, recertification is both a recognition of progress and a commitment to continued improvement. By participating in the first group assessed against the revised standards, Triodos intends to contribute experience to the further development of a certification system that holds companies accountable for measurable positive change.
Although B Lab does not require B Corp’s to publish their recertification results, Triodos Bank believes in transparency whenever possible.
The assessment and independent audit identified opportunities to strengthen Triodos Bank’s existing practices and supporting documentation including enhancing the visibility of grievance mechanisms, clarifying how human rights and environmental considerations can be evidenced as part of our procurement decisions, further developing due diligence processes for relevant suppliers and setting targets for material impact topics that fall outside the scope of the B Corp impact themes.
“Being transparent about the findings is an important part of what this certification should mean,” Jacco Minnaar adds. “Most concern how we document, formalise or publicly demonstrate what we do. We will address each finding and use the process to strengthen our practices.”
A B Corp is a business that commits to balancing profit with purpose and is certified by non-profit B Lab for meeting high standards of social and environmental performance, transparency and legal accountability to all stakeholders – not just shareholders. Notable Triodos Bank customers who are B Corps include Cafédirect, House of Hackney and Thrive Renewables. Triodos Bank is certified by B Lab Benelux.
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NOTES TO EDITOR
For further information, please contact:
Ed Grattan, Head of Corporate Communications:
[email protected]
+44 (0)117 980 9654
About Triodos Bank
Founded in 1980, Triodos Bank is a frontrunner in impact finance. As an independent, mission-driven bank, Triodos Bank uses money consciously to create positive change, demonstrating that caring for people and planet goes hand in hand with healthy financial returns.
Triodos Bank is the only B-Corp certified bank listed on Euronext Amsterdam. The bank operates in the Netherlands, Belgium, the UK, Spain and Germany, with Investment Management activities based in the Netherlands and active globally.
Triodos Bank co-founded the Global Alliance for Banking on Values, a network of 70 sustainable banks worldwide. Together these banks work on growing a financial system that supports the real economy and delivers lasting social and environmental impact.
Triodos Bank UK Ltd is a wholly owned subsidiary of Triodos Bank NV. Registered Office: Deanery Road, Bristol, BS1 5AS. Registered in England and Wales Company No. 11379025. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under registration number 817008. VAT reg no 793493383.