1 00:00:07,120 --> 00:00:10,330 All right. I want to give you a couple of tools here. 2 00:00:10,780 --> 00:00:16,140 How many of you have ever heard of the big corps? Oh, my goodness. 3 00:00:16,160 --> 00:00:22,850 Okay. Wow. The B Corp is a fascinating venture. 4 00:00:23,420 --> 00:00:28,100 Started out by three ex investment bankers in the United States. 5 00:00:28,670 --> 00:00:33,170 They were roommates at Stanford University. Each one went off and did their own thing. 6 00:00:33,710 --> 00:00:39,260 Two of them started a business that then they sold for millions and millions and millions and went into investment banking. 7 00:00:39,590 --> 00:00:42,650 And the other one was already in private equity and investment banking. 8 00:00:42,950 --> 00:00:50,120 And about ten years down the road after they'd graduated, they kept in communication with one another. 9 00:00:50,120 --> 00:00:58,309 And they basically said, you know, there are lots of people in our company that would really like to be doing something that is not, 10 00:00:58,310 --> 00:01:02,660 as I said, the best in the world, but the best for the world. 11 00:01:03,080 --> 00:01:07,400 There are lots of companies out there that really want to be able to pull these things together. 12 00:01:07,850 --> 00:01:16,400 How do we make that happen in a way that is recognised by policymakers and the legislature? 13 00:01:17,000 --> 00:01:20,000 And if you look up the B Corp today on the net, 14 00:01:20,000 --> 00:01:28,159 you will see that what they have succeeded in doing is establishing an entirely new legal framework that has been passed, 15 00:01:28,160 --> 00:01:32,540 I think in about 25 U.S. states and in many countries around the world. 16 00:01:32,540 --> 00:01:36,199 You have big corporations here in the U.K. And what it is, 17 00:01:36,200 --> 00:01:46,160 is it's a for profit company which basically says, we are a company, we're not a social charity thing. 18 00:01:46,370 --> 00:01:51,140 We are a company. We're really interested in having financial health. 19 00:01:51,530 --> 00:02:00,440 But that's not all we're about. We really also want to be responsible in many different ways, in terms of environment, in terms of social, etc., etc. 20 00:02:00,740 --> 00:02:04,910 And these are companies from every single kind of industry you can imagine. 21 00:02:04,910 --> 00:02:06,530 And I will show you some of the examples. 22 00:02:07,040 --> 00:02:17,659 And so what the big corporations succeeded in doing, working very closely with some law firms, some major law firms, was to get individual states. 23 00:02:17,660 --> 00:02:22,700 And, you know, in the United States, it's like Oxford. You have, you know, very independent colleges here. 24 00:02:22,700 --> 00:02:27,770 You have very independent states. Each one has their own governing bar and everything else is like a federation. 25 00:02:27,800 --> 00:02:33,500 Same thing in the US. So they had to go to each one of these particular states to get this through. 26 00:02:33,500 --> 00:02:37,069 And the last one that they've just gotten is Delaware. If you get Delaware, you get everything, 27 00:02:37,070 --> 00:02:44,660 because that's where some of the most important were all the all the company many companies go as a tax haven, etc. 28 00:02:45,230 --> 00:02:48,790 And what they have succeeded in doing is companies come forward. 29 00:02:48,800 --> 00:02:53,330 It's a very tough certification process. And I'm going to show you how that works. 30 00:02:53,810 --> 00:03:00,950 And they go through a certification process where you have to get a minimum score and the minimum score is 80. 31 00:03:01,460 --> 00:03:05,150 I can tell you that the maximum score is 240. 32 00:03:05,360 --> 00:03:09,500 Nobody gets up to 40. Okay. And you're going to see why. 33 00:03:09,860 --> 00:03:15,620 And this allows it's a certification, it's like fair trade, etc., and it gets audited every other year. 34 00:03:16,160 --> 00:03:22,310 And they are able to actually display this because I'm a big corporation label. 35 00:03:22,700 --> 00:03:31,999 And what it means is that your customers know that not only are you fair, not only are you doing the right thing by your workers, 36 00:03:32,000 --> 00:03:37,220 not only are you doing the right thing by environment, but you are actually being recognised as such. 37 00:03:37,550 --> 00:03:41,990 Do these companies get a tax break? No. What's in it for them? 38 00:03:42,650 --> 00:03:51,590 Again, attracting talent. Really being able to say, you know, keep talent and not just the talent, but also they do much better financially. 39 00:03:51,920 --> 00:03:56,360 So let's look at some of these I'm going to show you. So let's where are we? 40 00:03:56,360 --> 00:04:00,290 We are this is just to preview the assessment, because I wanted to walk you through this. 41 00:04:00,650 --> 00:04:04,450 Let's say we are. Where do you want to go? Let's say we're in the UK, okay. 42 00:04:04,910 --> 00:04:10,580 Because we are. So we're in the United Kingdom. 43 00:04:11,180 --> 00:04:15,110 Okay. What sector do you want to be? 44 00:04:15,140 --> 00:04:19,100 Do you want to be in service sector? Do you want to be in agriculture? 45 00:04:19,100 --> 00:04:23,540 Manufacturing, wholesale retail? Wholesale retail? 46 00:04:24,080 --> 00:04:29,480 So which is that sound good? Okay. Let's say we are wholesale retail. 47 00:04:30,560 --> 00:04:36,050 And just to show you, this is not just for big companies. How many people do you think we have in the company? 48 00:04:36,800 --> 00:04:40,190 Shall we go? What do you want to do? 49 00:04:40,210 --> 00:04:44,360 No one denies. Shall we go 1 to 9 since we're just starting out? 50 00:04:44,380 --> 00:04:48,940 Okay, cool. One, two, nine. And now we're going to see what we're going to get. 51 00:04:50,170 --> 00:04:54,400 So this is just a preview of some of the things. 52 00:04:54,410 --> 00:04:58,930 So these are the things that you would begin to look at in terms of your checklist. 53 00:04:58,930 --> 00:05:02,770 The cool thing about this. And number one, it's open source. 54 00:05:02,770 --> 00:05:06,910 You can all use it without a problem and it will help you God and help you God. 55 00:05:07,450 --> 00:05:13,600 But don't look at it like a test. I have to get to 100% on this or I have failed. 56 00:05:14,380 --> 00:05:17,890 You are going to fail, okay? You're going to fail miserably. 57 00:05:18,250 --> 00:05:22,960 So this is a diagnostic of where you need to get better. 58 00:05:23,290 --> 00:05:25,239 And that's what many of these companies look, 59 00:05:25,240 --> 00:05:32,400 the guys that I worked with in the Goldman Sachs tend to the the best company that got the highest score in this thing. 60 00:05:32,410 --> 00:05:36,800 You know what? It was a 30 out of 80 being the top. 61 00:05:36,820 --> 00:05:40,740 I mean, he thought he was on cloud nine, but, you know, there was there. 62 00:05:41,020 --> 00:05:44,020 It really helps you think through where do I need to go? 63 00:05:44,410 --> 00:05:51,480 So if you're going to these are the three things under governance, corporate accountability, transparency and governance metrics. 64 00:05:51,490 --> 00:05:58,600 So easy stuff. Does your company have a corporate mission statement and does it include any of the following check all that apply. 65 00:05:59,560 --> 00:06:06,910 I don't have a written statement. We have a written corporate mission statement that does not include social or environmental commitment. 66 00:06:06,920 --> 00:06:13,809 That's what most would be. And on and on. So you check that. And then there's the board of directors, your other governing body review, 67 00:06:13,810 --> 00:06:19,150 the company social environmental performance on at least an annual basis to determine if you're meeting. 68 00:06:19,180 --> 00:06:22,980 Yes. No. Probably no. So on and on. 69 00:06:22,990 --> 00:06:29,830 So all of these are helpful in terms of looking at how do I in corporate governance, 70 00:06:29,830 --> 00:06:37,750 if I really want to look at improving governance beyond the management team, does the company have the following governance structures in place? 71 00:06:38,860 --> 00:06:45,340 These are just a smattering of questions for how many how many employees did we say up to nine. 72 00:06:45,880 --> 00:06:54,540 So even here, you can begin to actually incorporate this kind of thinking into what it is that you're doing and other aspects of this. 73 00:06:54,550 --> 00:06:58,480 Let's go into transparency. That's a nerve racking one. 74 00:06:59,800 --> 00:07:05,050 There's a company produce financials that are reviewed by the board while they have to be or by an independent. 75 00:07:05,590 --> 00:07:06,830 Here in England, they have to be. 76 00:07:07,240 --> 00:07:14,170 Does the company have a formal process to share financial information except salary info with its full time employees? 77 00:07:14,440 --> 00:07:22,040 Many don't. Many don't. So I'm going to leave you to look at this at your leisure. 78 00:07:22,340 --> 00:07:23,960 Here are some governance metrics. 79 00:07:24,950 --> 00:07:32,060 And you can see that they have revisit this because you don't know it'll it'll continue to help you got to help guide you in this. 80 00:07:32,960 --> 00:07:40,640 And then we'll go to workers. Let's look at what they say about workers. How many full time workers do you have at this point? 81 00:07:41,240 --> 00:07:44,750 How many full time workers did you have 12 months ago? 82 00:07:44,810 --> 00:07:48,590 How many part time workers? Blah, blah blah. Select from the below. 83 00:07:49,730 --> 00:07:53,960 Do you pay them annually? Do you pay them hourly? Which do you think would be better? 84 00:07:53,990 --> 00:08:00,220 What would be more fair? Hourly, annually, performance, space, etc. 85 00:08:00,230 --> 00:08:04,130 So again, you get a certain number of points for that. 86 00:08:06,050 --> 00:08:11,470 Community. So you see for each one of these. 87 00:08:12,600 --> 00:08:18,060 There is something that can help guide you. Oh, and under workers, you have compensation and benefits. 88 00:08:18,090 --> 00:08:21,440 Worker ownership. That's a that's an interesting question. 89 00:08:22,050 --> 00:08:27,030 How many people. Actually give equity to their workers. 90 00:08:27,030 --> 00:08:31,040 So. It's interesting to see how they weight this, 91 00:08:31,040 --> 00:08:36,530 what percentage of the company is owned or formerly reserved as part of a written plan for full time workers and management? 92 00:08:37,280 --> 00:08:41,060 What percentage of the company now this is? Obviously, they're looking at the retail. 93 00:08:41,180 --> 00:08:44,570 Okay. And then you've got work environment. 94 00:08:45,910 --> 00:08:52,480 Is there a way of, you know, is there an established, formal, consistent process for providing performance feedback to all tenured employees? 95 00:08:53,320 --> 00:09:00,310 I hate to tell you we don't have that at Oxford. I mean, they do and they don't. 96 00:09:01,380 --> 00:09:08,770 Okay. So many of these, you know, performance reviews, 360 performance reviews, etc., extremely helpful. 97 00:09:08,770 --> 00:09:17,710 But a lot of times companies just don't do it. You know, certainly I can tell you that many nonprofits don't do it. 98 00:09:18,130 --> 00:09:24,350 They just figure because we're so wonderful and working for, you know, society, obviously we're all good. 99 00:09:24,370 --> 00:09:27,459 Right. I'm sorry. 100 00:09:27,460 --> 00:09:33,910 I'm being very cynical. Employee handbook, non-discrimination statement, etc., etc. 101 00:09:34,240 --> 00:09:38,550 Let's go on up here. I'll tell you how. 102 00:09:38,590 --> 00:09:43,650 My community. This is boring, but it's useful. 103 00:09:44,100 --> 00:09:48,270 Okay, so remember what your mother or father always told you. 104 00:09:48,720 --> 00:09:52,410 This is good medicine. If you're really going to go into this. 105 00:09:52,410 --> 00:10:00,230 I thought when I put this presentation together, oh, my God, you know, it's like stick a spoon through my eye and show me this stuff. 106 00:10:00,240 --> 00:10:07,319 You know, this is, like, so boring, but it's useful if you're really going to seriously think about how am I going to make this a 107 00:10:07,320 --> 00:10:12,640 company that really is going to take into account these things and futureproof and continue to grow? 108 00:10:13,110 --> 00:10:16,890 These are important things. So I did want to give you a flavour. 109 00:10:17,670 --> 00:10:21,330 What percentage of your worker base has grown over the last 12 months? 110 00:10:21,690 --> 00:10:31,210 What percentage of your worker base left? How many of you have ever been in a company where that turnover was unbelievable? 111 00:10:31,230 --> 00:10:36,750 I mean, people were turning. I've been in companies where 40% every year left. 112 00:10:37,080 --> 00:10:41,820 What does that tell you about a company and how workers are happy, not happy, etc.? 113 00:10:41,910 --> 00:10:45,810 How do you motivate them? How do you reward them? So that's very important. 114 00:10:48,030 --> 00:10:52,260 And do you draw from the community, for example? Huh? 115 00:10:52,580 --> 00:10:59,000 Number of total and full time part time workers female employees that actually I don't like that that 116 00:10:59,000 --> 00:11:04,640 particular thing because they're probably all female except for the CEO who's a male at any rate. 117 00:11:06,470 --> 00:11:09,590 So there there are different aspects about community here. 118 00:11:09,890 --> 00:11:10,830 Engagement. 119 00:11:10,850 --> 00:11:19,490 Is your company have charitable giving practices full time employees granted you know writing you know any do they have options for volunteer. 120 00:11:19,790 --> 00:11:23,119 Now those are things that are you would say well those are more sophisticated 121 00:11:23,120 --> 00:11:27,349 companies but this this thing is going for people with up to nine employees. 122 00:11:27,350 --> 00:11:30,680 So then environment, etc., etc. 123 00:11:31,040 --> 00:11:38,960 So. I'm going to let you. Browse through this rather than continue to bore you. 124 00:11:38,970 --> 00:11:41,220 And I'm going to show you some really fun stuff.