Progeny has announced it has achieved B Corp certification, meaning it is now verified as meeting high social and environmental impact standards.

It is one of a small number of B Corp wealth management companies in the UK that aim “to build systematic and sustainable change” within business communities around the world.

The rigorous B Corp certification process involves reviewing a firm’s business model, structure, and various work processes against five areas of impact.

These are governance, community, workers, environment and customers.

Progeny UK managing director Caroline Hawkesley said: “B Corp certification means a huge amount to Progeny.

“As a business, you need to fully commit to the process, and the B Corp values must become truly embedded in your structure and culture if you want to successfully meet the certification standards.

“We assembled a dedicated project management team to lead the certification process, as it’s certainly not a tick-box exercise.

“Today’s news is also by no means the end of the journey, as by definition, it’s all about sustainability, with a recertification every three years keeping us on track for continuous improvement and long-term business resilience.”

Progeny chief executive Neil Moles added: “In the context of growing consumer and investor focus on sustainability, it’s time that the wealth and investment management industries turned their attention to their own activities in this area.

“If we want to talk to our clients about environmental, social and governance (ESG) investing and sustainability, then we need to be living and breathing these principles ourselves. We must practice what we preach.

“We are already seeing how clients want to understand more about our own activities and ethics, and I think this will only increase as consumer appetite grows for holding businesses and brands accountable for their sustainability credentials.”

B Lab UK is the organisation responsible for carrying out B Corp certification.

Executive director Chris Turner said: “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 you can do good in any sector.

“Welcoming Progeny is an exciting moment because they have an opportunity to lead the way within the wealth management industry. We and the rest of the B Corp community are really pleased to support Progeny in paving the way for a new way of doing things.”

At the start of the year, Progeny Wealth achieved corporate chartered status with the Chartered Insurance Institute.

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Source: Money Marketing