Peter Flavel, former Coutts chief executive, was forced to step down due to the closure of Nigel Farage's accounts. Credit: PETER NICOLLS/REUTERS
More than 1,400 UK companies are part of the corporate diversity scheme that played a role in Coutts' decision to close Nigel Farage's bank account.
B Corp, a US-based network, but now with 1,447 members in the UK, calls on its corporate members to stand up against “all forms of oppression” and “dismantle racist systems, policies, practices and ideologies”.
The scheme provides certification for businesses that meet “high standards of social and environmental performance, transparency and accountability” and Coutts will join them in 2021.
Coutts' accreditation was led by CEO Peter Flavel, who was forced to resign last week due to the closure of Mr. Farage's account.
The file obtained by Mr. Farage from Coutts in response to a subject access request lists the bank's membership in B Corp as one of the possible reasons to close his account.
Under the heading “Climate Change/B CORPS/Carbon Net Zero”, it states that “the comments found are not in line with the opinion of the banks [sic] in relation to the above.”
He adds: “He has strong and in many cases conflicting, publicly supported views on many aspects of politics, in particular climate and climate. race, and although there has been no legal or other condemnation, it is clear that they do not serve our purpose.”
Added in a note: “I see no good reason to leave.”
Nigel Farage with his Coutts bank card. Photo: Julian Simmonds for the Telegraph. over organizations that have signed a contract with Stonewall, an LGBTQ charity.
“You have B Corp, you have Stonewall's employment guide, a whole bunch of those things,” he said. “And it seems like corporations are too scared not to sign up because if they don't, the Twitter mob will attack them.”
“A small but active minority of a few hundred thousand people gather around the bullying of corporate companies, be it banks, be it advertising agencies. It really is a bully rule.”
In his 2022 B Corp Impact Report, Coutts said: “Becoming the first UK-headquartered private bank to be certified by B Corp was one of the proudest moments – in a real sense, demonstrating our goal in action.”
In a blog post in April about how “an inclusive culture can drive greater business and market change,” Mr. Flavel lauded the benefits of being a B corporation, arguing that it led to “improved relationships and positive positioning.” with customers, customer bases and markets.”
JEDI Principles
On its B Lab UK website, the accrediting body claims to be committed to the JEDI principles of fairness, equity, diversity and inclusion .
He adds: “As a global network, B Lab opposes all forms of oppression, including racism, transphobia, classism, sexism and xenophobia. We are committed to taking targeted and sustained action to dismantle racist systems, policies, practices and ideologies within us and our networks.”
In a May blog post, B Lab UK said it supports change in companies. Act to legally require company directors to “consistently reconcile the interests of society as a whole and the environment with shareholder returns.”
When asked about the reaction to Mr. is ethical, B Lab UK told the Telegraph: “As a member of the B Corp community, we expect Coutts to maintain high standards of social and environmental performance and lead by example in the UK banking sector.”
“B Corps must act in accordance with the law and best industry practice. We support the defense of free speech.”
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