Good Energy Achieves B Corp Certification

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 Ian McKee, Head of Communications	Email: [e-mail]
SEC Newgate UK	Email: [e-mail]
Elisabeth Cowell / Molly Gretton	Tel: [phone]
Investec Bank plc (Nominated Adviser and Joint Broker)
Henry Reast / James Rudd	Tel: [phone]
Canaccord Genuity Limited (Joint Broker)
Henry Fitzgerald - O'Connor / Harry Rees	Tel: [phone]

About Good Energy 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/. 

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/.

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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