Good Energy Achieves B Corp Certification
08/08/2024 07:00
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RNS Number : 6087Z Good Energy Group PLC 08 August 2024
RNS REACH
8 August 2024
Good Energy Group PLC
("Good Energy" or the "Company")
Good Energy Achieves B Corp Certification
Good Energy Group PLC (AIM: GOOD), the 100% renewable electricity supplier and
energy services provider is pleased to announce that it has been certified as
a B Corp, the global standard for purpose-led business.
Good Energy, which celebrates its 25th anniversary this year, was one of the
originators of the purpose-led business movement in the UK, founded in 1999
with a mission to power a cleaner, greener future together. A long-term
innovator in renewable energy - in addition to helping to drive the growth of
small-scale solar power in the UK by introducing the first solar export tariff
for homes, it was also the first to launch a fully certified 100% renewable
electricity supply tariff. Now it is the only UK household energy supplier
certified as a B Corp.
Certified B Corporations, or B Corps, are companies verified by B Lab to meet
high standards of social and environmental performance, transparency and
accountability. To achieve B Corp Certification, a company must meet a score
of at least 80 points in the B Impact Assessment - a tool designed to help
measure and manage a business's impact on its workers, community, customers
and the environment.
The median overall B Corp impact score for businesses which have completed the
impact assessment is 50.9 and Good Energy's score is 118.5. Good Energy
scored particularly highly in the environment category. A reflection of the
company's clean power purpose, this was in part due to surplus points awarded
in recognition of products and services that reduce emissions through the
provision of renewable or cleaner burning energy.
Although now certified, Good Energy has yet to secure enduring certification
through B Lab's 'values lock' which requires the Company to make a legal
change to enshrine its purpose. The Company put forward a resolution to its
shareholders to change its articles of association to reflect a commitment to
social and environmental impact alongside profitability at its last two Annual
General Meetings (AGMs) in 2023 and 2024. In its Notice of AGM, the Company
highlighted that high social and environmental standards contribute to higher
performance, with UK B Corps seeing an average turnover growth of 26% between
2017 and 2020 compared to the national average of 5%.
Despite support from an overwhelming majority of shareholders, as a special
resolution which is required to surpass a 75 per cent voting threshold, the
resolution has not passed. The Company now has one year from certification in
which to make the legal change, and as such will be putting forward a
resolution to shareholders again.
Nigel Pocklington, CEO, Good Energy, said: "The best businesses have a purpose
beyond profit and Good Energy's has always been very clear, to give people the
power to be part of the solution to climate change. So joining the unstoppable
B Corp movement of purpose-led businesses is a fantastic way to celebrate our
25th year.
"As the only UK household energy supplier to be B Corp certified we are proud
to be able to give customers the opportunity to choose an energy company which
prioritises people and the planet alongside profit. And as a UK-listed B Corp,
anyone can buy their own shares in a purpose-led British business too."
Chris Turner, Executive Director, B Lab UK said: "In order to transform our
economy, we need businesses of all shapes and sizes - from start-ups to
publicly-listed companies - to be accountable for their impact on people and
the planet. So it's great to be welcoming Good Energy Group PLC into the B
Corp community, paving the way for a new, and better, way of doing business."
"We are really looking forward to welcoming them at the Louder Than Words
festival where we will hear more about their certification journey and their
vision for the next stages of a just energy transition."
Cherish Jackson, Sustainability Manager, Good Energy, project managed the
company's certification process. She said: "Certification to become a B Corp
is no mean feat. The process involves providing evidence from all across the
business, from our sustainability practices to our governance processes and
community giving. Which means it truly is a team effort with everyone at Good
Energy involved, whether through directly providing evidence or in their daily
work helping customers and focusing on our purpose. To achieve B Corp status
with a score of 118.5 is something we can all be very proud of, but we don't
plan to stop there. We now have a framework for continuous improvement."
Enquiries
Good Energy Group PLC
Nigel Pocklington, Chief Executive Email: press@goodenergy.co.uk (mailto:press@goodenergy.co.uk)
Ian McKee, Head of Communications
SEC Newgate UK Email: GoodEnergy@secnewgate.co.uk (mailto:GoodEnergy@secnewgate.co.uk)
Elisabeth Cowell / Molly Gretton Tel: +44 (0)7900 248213
Investec Bank plc (Nominated Adviser and Joint Broker)
Henry Reast / James Rudd Tel: +44 (0) 20 7597 5970
Canaccord Genuity Limited (Joint Broker)
Henry Fitzgerald - O'Connor / Harry Rees Tel: +44 (0) 20 7523 4617
About Good Energy www.goodenergy.co.uk (http://www.goodenergy.co.uk/)
Good Energy is a supplier of 100% renewable power and an innovator in energy
services. It has long term power purchase agreements with a community of 2,500
independent UK generators, is the UK's largest voluntary administrator of the
Feed-in-Tariff scheme and offers solar and heat pump installations.
Since it was founded almost 25 years ago, the Company has been at the
forefront of the charge towards a cleaner, distributed energy system. Its
mission is to power a cleaner, greener world and make it simple to generate,
share, store, use and travel by clean power.
About B Lab UK: 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 778,455 workers in over 8,400 B Corps across 97
countries and 162 industries, and more than 280,000 companies manage their
impact with the B Impact Assessment and the SDG Action Manager. As part of
this global non-profit network, B Lab UK's purpose is to redefine success in
the UK economy, building a community of engaged businesses and raising
awareness of the B Corp movement. To find out more about B Lab UK,
visit https://bcorporation.uk/about-b-lab-uk/
(https://bcorporation.uk/about-b-lab-uk/) .
About Louder Than Words: The time for talking is over. This September, join us
at the largest-ever gathering of B Corps to harness the power of people using
business as a force for good. We'll be putting ideas into action and tackling
the issues that matter and coming together with like-minded changemakers to
challenge ourselves and each other. Let's create the change we need right now,
together. Get your ticket to Louder Than Words - The B Corp Festival
here: https://festival.bcorporation.uk/ (https://festival.bcorporation.uk/) .
About B Corp Certification: Certified B Corporations, or B Corps, are
companies verified by B Lab to meet high standards of social and environmental
performance, transparency and accountability. To achieve B Corp Certification,
a company must meet a score of at least 80 points in the B Impact Assessment -
a tool designed to help measure and manage a business's impact on its workers,
community, customers and the environment. They also change their corporate
governance structure to be accountable to all stakeholders and demonstrate
transparency by publicly sharing their impact via their B Corp profile. B
Corps recertify every three years against B Lab's evolving standards and are
expected to increase their score as they progress to becoming more inclusive,
equitable and regenerative.
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