Cooper Parry becomes UK’s largest accountancy B Corp – will more firms follow?

Cooper Parry becomes UK’s largest accountancy B Corp - will more firms follow?

Cooper Parry is just the second top-100 firm in the UK to attain B Corp status

Cooper Parry becomes UK’s largest accountancy B Corp – will more firms follow?

Mid-market accountancy firm Cooper Parry has become a certified B Corp, making it the largest in its sector to attain the status.

Announced on Thursday, the achievement is an extension of the firm’s ‘’commitment to using business as a force for good’’, its CEO, Ade Cheatham, said.

‘’Joining this movement of like-minded businesses is hugely exciting. We’ve been inspired by a number of our B Corp clients throughout this journey, and if we can inspire even one more business to keep pushing to do more for society and our planet, the impact grows.”

An emerging trend

Cooper Parry has become just the second top-100 accountancy firm in the UK to attain the sought after status. It follows shortly in the footsteps of London-based BKL, which announced its status in October 2022 after a 15-month application process.

Looking beyond the UK’s top firms, this is the second B Corp accreditation in as many months, with family-owned Scottish firm Brett Nicholls becoming certified in February earlier this year.

BKL’s business development director Simon Bussell welcomes the accelerating sustainability efforts of UK firms, stressing the importance of ‘’balancing people, planet and profit’’.

‘’Since BKL became a B Corp, we’ve been warmly welcomed by many other B Corps, and we would like to extend our welcome to Cooper Parry.

‘’We know that many other accountancy firms are looking into becoming B Corp certified and we hope that they join us in the community.”

This is echoed by Emmeline Skelton, head of sustainability at ACCA, who congratulates Cooper Parry and Brett Nicholls and argues that the accreditation ‘’shows serious intent to be accountable’’.

“It is a tough vetting process, this is not a green-washing stunt. And it is not about pass or fail, rather an evaluation that changes as the firm does. It is not an easy process.”

What does B Corp mean?

According to B Lab, the non-profit which created and awards the B Corp label,  the certification process measures a company’s entire social and environmental performance, from supply chain to employee benefits. Any organisation can apply for certification if it operates for profit in a competitive market, and has at least 12 months of operations.

The process begins with a 200-question ‘B Impact Assessment’. Firms are given an initial score, which they must then increase to at least 80 through a series of improvement measures. The company can then submit its application for review by B Lab.

Following the evaluation stage, Cooper Parry was awarded a score of 84.3.

‘The rebels of accountancy’

Self-styled as ‘the rebels of accountancy’, Cooper Parry is now the UK’s largest accountancy B Corp by some margin.

Despite being a new entrant, the firm clinched 26th place in Accountancy Age’s 2022 50+50 rankings, owing to a 32.8% uptick in fee income growth during the previous financial year.

The firm also earned the number-one spot in the inaugural Accountancy Age Mid-Tier Power Index ranking in October 2022, having displayed impressive credentials in the realms of strategy planning, professional excellence, people, and growth.

According to Cheatham, the firm’s B Corp accreditation overlaps with its three-year vision to “use Cooper Parry as a force for long-lasting, wide-reaching positive change.

The firm has set a goal of reaching net zero by 2030 and achieving a 50% reduction in its greenhouse gas emissions by 2026. In addition, between FY20 and FY22, the company’s electricity consumption fell by 39%, its business travel fell by 63%, and 90% of its electricity usage now comes from renewables.

“We’re thrilled that Cooper Parry’s commitment to our people, community and planet has been recognised by B Corp,” added Nicoleta Ciobanu, the firm’s head of sustainability.

“Transparency and accountability are so important to us. Now, our clients can understand exactly the type of adviser they’re working with. They have the clarity and peace of mind that our work is ethical, adds value for all stakeholders and makes an impact that goes beyond profit.”

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