Our new B Corp score
Today I want to focus on our new B Corp score.
I’m happy to share that Octopus scored 122.7 points overall. Being specific, Octopus Investments (amicable and Octopus Legacy folded into the OI assessment due to their smaller size) scored highest (126), with Aurora next in line (110) and then Octopus Money (83) and, lastly, Seccl (80). Our overall score of 122.7 is simply the weighted average (by revenue) of all the individual scores (OI is clearly far larger than the other businesses). We should be equally proud of all the different scores though (the lower scores for Octopus Money and Seccl are simply a reflection of the fact that they’re not yet as established, and this was the first time they’d completed the assessment).
Back in 2021, we pledged to get into the top 10% of B Corps globally. This was hugely ambitious and, in all honesty, we didn’t know if we were going to get there, but we did. It’s a higher score than Ben & Jerry’s (96) and Generation Investment Management (96). Generation, if you don’t know, is Al Gore’s fund management business and was the first financial investor we brought into Octopus Energy. We do, however, still have some way to go to reach the heady heights of Patagonia (166). That’s why we’re going to commit to being in the top 1% by the next time we recertify (in three years).
I won’t go through the detail of what goes into the scoring process but it’s not an exaggeration to write that everything we do (as a business and as people) feeds into the score. It covers how we treat our employees, our customers, the environment and the community around us. So we all have a role to play.
I summarise the B Corp certification as being like a Fairtrade coffee stamp for companies. Increasingly, it’s a shorthand way for employees and customers to understand the kind of company they’re dealing with. And that, for me, is where Octopus needs to compete.
I’d like Octopus to be a brand that stands for something. And for that ‘something’ to be about how we make people feel.
When people engage with Octopus, I’d like them to come away feeling a few things. First, I’d like them to feel totally taken care of. That’s about kindness and us having their bests interests at heart. Secondly, I’d like them to think that we’re not afraid to think differently. So rather than sitting on the sidelines commenting on what’s wrong, we roll up our sleeves and fix what’s broken. And we do this with an energy and a passion that other companies can’t match.
The last point to make in all of this is that I don’t think there’s a trade-off between doing good and creating value. They go hand in hand; by doing good, businesses attract and retain the best talent, connect with customers who align with their values, and futureproof themselves to succeed in the long term. The most valuable companies over the next decade will be the companies you’d choose to be friends with. These are the companies you’ll be loyal to.
Simon