Lorica Partners is now a Certified B Corporation!

GAIA B Corps

Lorica Partners is pleased to announce we have been certified as a B Corporation.

Why did we become a B Corporation?

Lorica Partners is company that wants to be a force for good, not just profit.

As you might expect, capitalism underpins our investment philosophy. But as anyone who has read an economics textbook knows, not all the effects of a capitalist economy are beneficial. BCorp provides a structure for us to voluntarily assess and improve these factors in our own business. We see this as a win for everyone.

It is important to note this does not change client investment portfolios in any way. Clients will always retain full control as to whether they want to focus on sustainability, impact investing, or traditional market based portfolios.

What is a B Corporation?

A Certified B Corporation, commonly known as a BCorp, is a company that voluntarily goes through a rigorous certification process to measure their broader impact on society. B Corps analyse their impact across five areas: community, clients, employees, governance, and environment. The goal of a BCorp is to evaluate the impact of decisions on all stakeholders, not simply for the betterment of shareholders.

According to BCorp “the combination of third-party validation, public transparency, and legal accountability help Certified BCorps build trust and value”.

The intent of every BCorp is to balance profit and purpose to create a more sustainable and inclusive economy.

What does being a BCorp practically mean?

Maya Angelou said “do the best you can until you know better. Then when you know better, do better.”

Lorica Partners has been accredited by CEFEX (Centre of Fiduciary Excellence at www.cefex.org) for many years.  CEFEX is about ensuring our processes for delivering advice to clients adhere to global best practice.  For example, CEFEX reviews our process for creating a target asset allocation for clients, our process for determining what investment products to include in portfolios, and how we protect client data.

The purpose for participating in accreditation processes like CEFEX and BCorp is not simply to validate what we are doing right but provide insight into ways in which we might improve.

The BCorp accreditation process has made our firm reflect on matters like:

  • Leave entitlements for employees, such as maternity/paternity leave
  • How we select suppliers
  • How we select office space beyond simply the cost of rent
  • How we provide investment solutions which align with people’s values
  • How we engage with philanthropic activities

Our employment policies have been enhanced thanks to the certification process. In today’s job market, this matters. A Californian member of the Global Association of Independent Advisors has seen applications for each job vacancy increase from 5 to 100 since becoming a BCorp over 10 years ago.

Being a BCorp will help Lorica Partners continue to improve how we make the lives of our clients and employees better. We want to be a firm who attracts and retains talented advisers to deliver a client experience based on integrity, service and long-term outcomes.

B Corp Declaration of Interdependence

Interdependence is at the heart of the BCorp movement. The values and aspirations of the BCorp community are embedded in the BCorp Declaration of Interdependence which Lorica Partners has signed and embedded in our Constitution to pledge our commitment.

As B Corporations and leaders of this emerging economy, we believe:

  • That we must be the change we seek in the world.
  • That all business ought to be conducted as if people and place mattered.
  • That, through their products, practices, and profits, businesses should aspire to do no harm and benefit all.
  • To do so requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations.

At Lorica Partners, we are excited to be part of a movement that is shifting the economic system to one that benefits all of us, a movement that currently comprises 6,000+ BCorp businesses spanning 150 industries and 80 countries.

You can read more about BCorps here: https://www.bcorporation.net/en-us

Author: Rick Walker


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