Magnetic Achieves B Corp Certification

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by KnowESG
KnowESG_Magnetic B corp
Image courtesy of Magnetic

It has been announced that Magnetic has officially become a certified B-Corp, marking a significant achievement for the largest independent innovation company to attain this status.

Joining a community of over 1,300 like-minded UK businesses such as Simplyhealth, Finisterre, Innocent Drinks, and Simply Business, Magnetic is proud to contribute to a better future for people, the planet, and purpose.

Attaining B-Corp certification is a challenging and rigorous process, requiring a demonstration of commitment to designing a better world and embracing diversity in bringing responsible products and services to the market.

The B Corp certification evaluates all aspects of a business's operations, encompassing five key impact areas: governance, workers, community, environment, and customers.

Magnetic's purpose is centred around "designing better futures" through collaborations with ambitious brands like Mars Wrigley, Bupa, Google, Innovate UK, and Simply Business, all of whom are reshaping the business landscape by driving change and striving to make a positive impact. The company aims to support purpose-driven businesses that aspire to make a difference in the world.

Richard Poole, the co-founder and CFO, emphasised that for Magnetic, becoming a B Corp is an economic alternative to a world dominated by shareholder-centric decision-making. Being part of the B Corp community, particularly within the innovation industry, which should lead the way in this arena, is a thrilling prospect.

Amidst the current social and economic challenges, the importance of balancing people and profit has become even more crucial. The B Corp certification ensures that Magnetic not only meets the highest social and environmental standards at present but also commits to upholding them in the long run.

Lou Cordwell OBE, co-founder and Chief Creative Officer highlighted the global impact of B Corp, with approximately 196,000 registered businesses utilising its impact tools. Together, they are contributing to a future where sustainability and inclusivity are integral aspects of design and decision-making processes.

Magnetic's primary focus is leveraging design as a powerful tool to collaborate with clients on creating responsible and sustainable products and services. As one of only 6,000 certified companies worldwide that meet B Lab's stringent standards of social and environmental performance, transparency, and accountability, the company takes immense pride in its achievement.

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Source: Magnetic

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