Coast Capital celebrates B Corp month & prioritizes ESG with re-certification.
Surrey, BC – March 10, 2022 – Coast Capital, Canada’s largest federal financial cooperative, is celebrating B Corp month this March, in recognition of the organizations that drive social and environmental responsibility and impact. The credit union is also announcing its re-certification as a B Corp following a rigorous re-assessment process that evaluates performance in the five impact categories of governance, workers (employees), community, environment, and customers (members).
Through courage, connection, and the drive to re-imagine, Coast Capital is embedding social purpose into its day-to-day operations and throughout every dimension of the business—from the employee experience to member satisfaction, and social contribution. In doing so, Coast Capital is setting a robust standard for how financial institutions of all sizes can meaningfully contribute to a greater financial future for all.
“Our B Corp certification enables us to leverage leading business practices that will help find meaningful solutions to the growing societal challenges we are facing today. By benchmarking against best practices and rigorously measuring our impact, we can play a tangible role in building a better future,” said Maureen Young, VP, Social Purpose at Coast Capital. “We’re incredibly proud to have achieved this re-certification as it represents our commitment to growing responsibly as an employee, member, and community-centric organization that is deeply rooted in social purpose.”
Catapulted by the global pandemic, consumers today are more conscious than ever when it comes to their purchasing power, with 58% of consumers buying or advocating for brands based on their beliefs and values. In response, B Corps are working at a rapid pace to redefine what success in business looks like—taking a human-first approach to the employee and customer experience, driving sound environmental, social, and governance practices, and advocating for social justice to create meaningful and lasting change world-wide.
Since 2020, B Lab Global has received more than 6,000 applications from businesses looking to join its global community—with only one in three achieving initial certification. To achieve both certification and re-certification every three years, businesses must earn a B Impact Score of 80 or above. Upon re-certification, Coast Capital achieved a verified score of 112.8, well above the threshold for certification and an 11.8% increase over its 2018 result.
“As a financial institution we have the opportunity to help create a better, more equitable, financial future for our society as a whole. But with this privilege comes responsibility,” added Young. “By remaining aware, transparent, and intentional about how we conduct our operations, we can leverage business a force for good and encourage others to do the same.”
In 2021 Coast Capital:
- Supported its people by paying 100% of employees a living wage.
- Trained 100% of its senior leadership on EDI and anti-racism fundamentals, and 92% of employees on social purpose principles.
- Refreshed its corporate values, co-created with employees.
- Launched Money Chat—a free online financial assessment and advice tool, co-designed with members.
- Provided its business members free access to fellow B Corporation, Spring Activator’s Business Resilience Program—an online learning platform designed to assess their business and create a plan to thrive.
- Supported 5,850 business members through federal loan deferral programs to help combat challenges born from the pandemic.
- Invested more than $4 million in 117 community programs & organizations in B.C., Alberta, and Ontario, including $300,000 in support of initiatives that address social and economic inequity tied to climate change and $65,000 in donations to disaster relief efforts following fires and floods in British Columbia.
Proud to be a B Corp
Our commitment goes beyond supporting the financial needs of our employees, members, and communities; it’s also about building a better future.
About Coast Capital
At Coast Capital, we’re not dreaming about a better future, we’re building one. We’re a member-owned financial cooperative with an 80-year legacy of unlocking financial opportunities that positively impact people and communities. We believe that every Canadian deserves a financial partner who actually cares how things turn out.
Driven by our social purpose, we look at everything we do through the lens of how we can help our 600,000 members, our employees, and our communities. A proud Certified B Corporation®, we’re part of a global movement building a more inclusive, equitable, and regenerative economic system. We’re deeply committed to making our financial cooperative a great place to work, as demonstrated by some of our accolades, and have significantly invested in our communities over the past two decades.
Coast Capital is a platinum member of Canada’s Best Managed Companies, one of Canada’s Most Admired Corporate Cultures, and a BC Top Employer. To learn more, visit us online at coastcapitalsavings.com.