National financial cooperative receives platinum rating in inaugural report from Corporate Knights
Surrey, BC – March 29, 2022 – Coast Capital, Canada’s largest federal financial cooperative, has been recognized in the field of social purpose which sees companies bring all their assets, resources, competencies, relationships, influence and reach to tackle today's most pressing issues and create a better world. In the first ever Social Purpose Rating, Canadian media and research firm, Corporate Knights ranked Coast Capital in the platinum category for their work in the social purpose space.
As part of a larger study, The Social Purpose Transition pathway: Helping companies move from “say” to “do , Corporate Knights in partnership with United Way’s Social Purpose Institute, issued the inaugural rating. Coast Capital’s platinum rating solidifies the financial institution’s position as a leading social purpose organization.
By driving its purpose of Building Better Futures Together, Coast Capital strives to unlock financial opportunities that positively impact people and communities.
“Coast Capital has been on a journey over the past 15 months to embed our social purpose throughout all facets of the organization,” explains Maureen Young Coast Capital’s VP, Social Purpose. “Simply being named to the list is an extreme honour. To sit in the top quartile, provides phenomenal validation for how far we have come as pioneers in the social purpose space. The growth of the social purpose economy is accelerating at an exciting pace as more organizations realize the importance of collective action in addressing vital societal issues. We look forward to continued growth and partnership as more businesses undertake their social purpose journeys”
To select the companies for potential inclusion in this study, Corporate Knights reviewed companies that were listed on the TX60 or were rated as among Corporate Knights’ Best 50 Corporate Citizens in Canada in 2021, all of which are public companies. In addition, they selected Canadian companies or companies headquartered outside of Canada but with a significant presence in Canada that are commonly perceived as purpose-driven from a research database compiled by one of the authors based on previous research. Finally, they invited a small number of private companies known to the research partners to be self-declared social purpose companies.
In the end, the rating looked at 34 companies that have clearly stated social purposes, grading each on its implementation success in areas including values and culture, governance, strategy and performance objectives.
Following the process of assessment, companies were given a rating of Platinum, Gold, Silver or Bronze. Coast Capital finds itself in impressive company at the platinum level with other social purpose leaders including BCLC and Modo.
"We were pleased to see Coast Capital made the cut for inclusion in our latest report: The Social Purpose Transition Pathway,” said Toby Heaps, CEO and Co-founder of Corporate Knights. Selected from an initial sample of 197 businesses, Coast Capital is featured in this report as one out of only 34 businesses who have stated a clear societal purpose. While we are at the frontier of social purpose execution, each of these 34 businesses is taking steps to help put society on a sustainable path."
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.