Financial cooperative upholds exceptional governance standards—driven by purpose.
Surrey, BC – July 13, 2022 – Coast Capital, Canada’s largest federal credit union by membership, and social purpose organization, has been named a 2022 Best for the World™ B Corp™ in recognition of its positive impact in the area of Governance. This marks the financial cooperative’s second Best for the World recognition, after being named to the Workers category in 2019, just one year after becoming a certified B Corp in 2018.
The Best for the World distinction is granted by B Lab to Certified B Corps whose verified B Impact Scores in one or more of the five areas—Community, Customers, Environment, Governance, and Workers—rank in the top five per cent of all B Corps worldwide in their corresponding size group.
In addition to evaluating organizations on standards of excellence in the areas of mission, ethics, accountability and transparency—the Best for the World Governance category recognizes the organization’s ability to protect and deliver on its mission or purpose, maintain a sound corporate structure and corporate governing documents, and formally consider stakeholders in decision-making.
By weaving its social purpose of Building Better Futures Together into its day-to-day operations and across every aspect of its business, Coast Capital is demonstrating exceptional dedication to acting in an ethical way—bound by its policies and procedures—and helping employees to understand both the company’s mission and responsibility to their colleagues, members, and communities.
“As a federally regulated financial cooperative, and social purpose organization that is member-owned, it is our responsibility to lead through robust governance practices that positively impact our employees, members, and communities,” said Maureen Young, VP Social Purpose, Coast Capital. “By implementing our purpose into our organizational structure and business model, we can continue to protect our long-term vision and fully commit to using our business to drive societal impact. It’s through this framework that we can affect real change.”
To achieve B Corp certification, organizations must measure their impact, benchmark against best practices and demonstrate a commitment to high environmental, social, and governance standards by scoring a minimum of 80 on the B Impact Assessment.
In 2021, Coast Capital became successfully recertified, achieving a new verified score of 112.8, an 11.8 percent increase over its 2018 result. On average, only one in three businesses that submit gets certified.
"Each Best for the World edition is an opportunity to raise the bar for how businesses can and should operate to create real and lasting positive impact for their workers, customers, communities, and the environment," said Dan Osusky, Head of Standards and Insights at B Lab Global. "While no company is perfect and even the best companies can and should continue to strive to improve, the B Corps recognized as Best for the World can provide us all — standards setters, B Corps, non B Corps, and sustainability advocates — with inspiration on what true leadership in business can look like to make progress on addressing our current global challenges.”
Every year, Best for the World recognizes the top-performing B Corps creating the greatest positive impact through their businesses. More than a badge of honour, Best for the World provides an opportunity for recognized companies to share knowledge, learnings, and best practices with the B Corp community and businesses outside of the community to encourage innovation and transformation across the business sector. The full lists are available at bcorporation.net.
Proud to be a B Corp
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. It’s our belief 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 communities. A proud Certified B Corporation®, we’re part of a global movement building a more inclusive, equitable and regenerative economic system.
Each year, we invest 10% of our bottom line into our communities— totaling almost $91M since 2000. We’re deeply committed to making our financial cooperative a great place to work as demonstrated by some of our accolades. Coast Capital is a platinum member of Canada’s Best Managed Companies, one of Canada’s Most Admired Corporate Cultures, and a B.C. Top Employer and Canada’s largest federal financial cooperative by membership; we have been recognized for our work in the Social Purpose space in the first-ever Social Purpose Ranking by Canadian media and research firm, Corporate Knights. To learn more, visit us online at coastcapitalsavings.com.
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 400,000 workers in over 5,000 B Corps across 80 countries and 155 industries, and more than 200,000 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.