The Impact World this Week: 24 October 2024
Your quick guide to the most interesting news snippets about social enterprise, impact investment and mission-driven business around the world from the Pioneers Post team. This week featuring the latest on the UN’s Social and Solidarity Economy resolution, UK PM Keir Starmer’s commitment to social enterprises, and what young people know about B Corps.
Global: A new 12,000-word deep-dive into the state of the social and solidarity economy around the world will delight impact economy policy nerds, who can discover that some 30 countries have laws on the social and solidarity economy at the national or subnational levels, and that in the Republic of Korea social enterprises are overseen by the Ministry of Employment and Labour while cooperatives sit under the Ministry of Economy and Finance. The Secretary-General’s 2024 Report on the Social and Solidarity Economy was presented to the UN General Assembly on 14 October, and analyses the implementation of the UN’s resolution on the Social and Solidarity Economy, which was adopted in 2023. It was prepared for the UN Inter-Agency Task Force on SSE, which is chaired by the ILO and UNCTAD.
- Read more: ‘Historic moment’ for social enterprise as UN adopts resolution on social and solidarity economy
UK: Prime minister Keir Starmer wants to “reset” the relationship between government and social enterprises and charities, he said as he launched a ‘Civil Society Covenant’ last week. Social investors and social entrepreneurs were among others invited to 10 Downing Street for a reception with Starmer and culture secretary Lisa Nandy, offering an unmissable opportunity for portrait photos outside the famous black front door. P3’s Mark Simms (pictured centre), Seb Elsworth of Access (pictured right), Sarah Teacher of the Impact Investing Institute (pictured left), the Key Fund’s Matt Smith, Danyal Sattar of Big Issue Invest and Stephen Muers of Better Society Capital were all there, and several highlighted their optimism about the relationship with government going forward. Mark Simms said on LinkedIn: “It was a privilege to be part of these important discussions and to witness this new beginning for the sector.” The Covenant aims to underpin the relationship between civil society and government in years to come. A consultation on its content closes on 12 December.
UK: Can the UK’s sewage-filled rivers and seas be saved by social enterprise? A new Water Commission set up by the Department for Environment, Food and Rural Affairs (Defra) and the Welsh government will carry out the largest review of the water industry since it was privatised in 1989. According to the Guardian, sources say the commission will consider banning water companies from making a profit and forcing the sale of them to firms that would run them as not-for-profits. Public anger has grown in recent years over the large sums of money made by water company bosses and shareholders while water supplies have dwindled and sewage has been dumped into rivers and seas. Decisions made by the independent commission will not come into force until 2029.
Canada: Tributes have been paid to Ethel Côté, who passed away last week. Côté devoted her career to the economic and social development of Ontario's Francophone communities. She founded the social economy organisation mécènESS and taught at the centre of studies and research in economics and social innovation at the University of French Ontario. President of the Assemblée de la francophonie de l'Ontario, Fabien Hébert, said: “We will remember Ms. Ethel Côté as an inspiration, a true leader, and a role model for future generations.” Côté died after “a long and courageous fight against cancer”.
Global: Younger people are more likely to be aware of B Corps than older generations, according to new data, with under-40s more likely to know the brand. The Insights Series No. 3 B Corp Brand Awareness report, published by B Lab Global on Tuesday, found one in four consumers globally has now heard of B Corps. This figure varies across regions surveyed and ranges from a low of around 15% for nine European countries to a high of 35% in the UK. Collaboration between B Corps is a prime reason for high UK B Corp awareness, according to the report, with joint campaigns including B Corp Month and the Better Business Act boosting brand visibility and consumer engagement.
UK: British surf magazine Wavelength is riding the purpose-led wave by restructuring into a community interest company (CIC). The magazine says becoming a CIC will enable it to develop grants, scholarships and mentoring programmes for aspiring surf creatives, create accessible surfing initiatives and support grassroots surf events. A community interest company, or CIC, is a UK legal structure which can either be a company limited by guarantee or a company limited by shares, and has additional protections in place: every CIC has to report on its social mission (‘community interest’) each year, there are limitations (for CLS) on profit distribution and all CICs have a clause which means any assets are retained for community benefit.
Movers and shakers
- Unity Trust Bank has named Joshua Meek as its new chief impact officer. Previously head of impact and sustainability at Unity, Joshua has already played a key role in developing the bank’s impact strategy.
