At Coast Capital, we’re driven by our purpose to build better futures together. And we admire other corporations and co-operatives that not only say, but do good things that make the world better. That’s why we’re proud to announce that we received a platinum rating for our work as a social purpose organization in Coroporate Knight’s new report The Social Purpose Transition pathway: Helping companies move from “say” to “do “Coast Capital has been on a journey over the past 15 months to embed our social purpose throughout all facets of the organization,” explains Maureen Young Coast Capital’s VP, Social Purpose.
“Simply being named to the list is an extreme honour. To sit in the top quartile, provides phenomenal validation for how far we have come as pioneers in the social purpose space. The growth of the social purpose economy is accelerating at an exciting pace as more organizations realize the importance of collective action in addressing vital societal issues. We look forward to continued growth and partnership as more businesses undertake their social purpose journeys”
To select the companies for potential inclusion in this study, Corporate Knights reviewed companies that were listed on the TX60 or were rated as among Corporate Knights’ Best 50 Corporate Citizens in Canada in 2021, all of which are public companies. In addition, they selected Canadian companies or companies headquartered outside of Canada but with a significant presence in Canada that are commonly perceived as purpose-driven from a research database compiled by one of the authors based on previous research. Finally, they invited a small number of private companies known to the research partners to be self-declared social purpose companies.
In the end, the rating looked at 34 companies that have clearly stated social purposes, grading each on its implementation success in areas including values and culture, governance, strategy and performance objectives.
Following the process of assessment, companies were given a rating of Platinum, Gold, Silver or Bronze. We find ourselves in impressive company at the platinum level with other social purpose leaders including BCLC and Modo.
“We were pleased to see Coast Capital made the cut for inclusion in our latest report: The Social Purpose Transition Pathway,” said Toby Heaps, CEO and Co-founder of Corporate Knights. Selected from an initial sample of 197 businesses, Coast Capital is featured in this report as one out of only 34 businesses who have stated a clear societal purpose. While we are at the frontier of social purpose execution, each of these 34 businesses is taking steps to help put society on a sustainable path.”
