How to become a Triple Purpose Company
It is accepted that the company objectives can differ from one business to another because of differences in cultural perspectives, operational structures and strategy. We accept, of course, that many companies may already be on the path to become a truly ethical company.
However, the following will provide some guide to the procedures involved:
Commitment from the Board of Directors to a Triple Purpose Strategy.
Inclusion of Triple Purpose Objectives in the Company Mission Statement and publication of this commitment to the staff, clients, suppliers, society and other stakeholders.
Appointment of someone with Triple Purpose responsibilities within the company or business unit – a Triple Purpose Champion.
Formation of a Triple Purpose Committee (TPC) with members from all sections of the company. A Board Director (maybe a non-executive) to attend the TPC meetings.
The Board, with the TPC, to agree a fulfilment strategy for Triple Purpose and to agree any necessary funding.
The TPC to advise the entire workforce of the Triple Purpose strategy and encourage staff and other stakeholders to become fully engaged in the idea. Continual marketing of the Triple Purpose Strategy to all stakeholders.
The TPC to identify priority objectives, setting targets, implementation. Then review and report results to the Board, benchmarking the company against industry best practice.
Transparent publication of results to staff and other stakeholders.
Implement training of staff on Triple Purpose.
A cost benefit analysis of the Triple Purpose strategy on an annual basis.
We are not advocating an accreditation system for Triple Purpose. We believe it would be very difficult to measure the level of ethics within a company or to make a claim that one company is more ethical than another. Being a Triple Purpose Company is about embracing the ethos of Triple Purpose and to accept that it and its employees, have a responsibility towards people, society and the environment as well as a responsibility to make a profit.
Additionally, different companies will have different challenges and different priorities. It is for them and their employees to decide the exact path towards helping to make the world a better place for people today and for our children and grandchildren in the future. We put our trust in those, claiming to work ethically, to be true to their word.
There are organisations that provide formal evaluation of performance and certification services. One such certification system is provided by B Lab who certify B Corps. B Corps are for-profit businesses that have social and/or environmental outcomes as part of their mission. They are certified by the non-profit B Lab to meet rigorous standards of social and environmental performance, accountability and transparency.
There are a number of environmental management systems. The most recognised is ISO 14001 with a number of industry-based and country-based opportunities also widely available.
More details of the essential elements of a Triple Purpose Strategy can be found here.
Three Core Principles of a Triple Purpose Company
Establishing a genuine ethical culture within the business
It is essential that ALL staff within the company agree to work towards creating a genuinely ethical and caring culture within the company and sign a pledge to this effect. Everyone within the company can play a part in this strategy on a daily basis.
Triple Purpose written into the Company Constitution
The Company Constitution must declare its Triple Purpose mission statement to its workers, shareholders, the environment, customers, other stakeholders and to the wider community.
Measurement, reporting and disclosure
The company installs management, reporting and disclosure systems to measure Triple Purpose objectives with the results communicated, on a regular basis, to all staff and relevant stakeholders in a clear and concise manner.