Q&A: Gerald Edelman’s Carl Lundberg on making B-Corp add up
Q&A: Gerald Edelman's Carl Lundberg on making B-Corp add up
From Tony's Chocolonely at the Christmas party to tough conversations about business class flights - how this 78-year-old accounting firm transformed its operations to achieve B-Corp status
At Gerald Edelman’s Christmas party, employees unwrapped bars of Tony’s Chocolonely—not a typical corporate gift, but a reflection of the firm’s recent achievement in becoming a certified B-Corp. Tony’s, a fellow B-Corp, symbolises the values that now formally underpin Gerald Edelman’s operations: accountability, sustainability, and positive impact.
Carl Lundberg, the firm’s CEO, describes the certification as both a challenge and an opportunity. “We were already doing a lot of the right things,” he explains, pointing to initiatives like their sustainability and DEI committees. “But the B-Corp process pushed us to formalise these efforts, measure them, and hold ourselves to account.” For a firm founded in 1946 by Gerald Edelman and Toby Hoffman, it marks a new chapter in a legacy defined by growth, resilience, and a commitment to excellence.
Since taking over as CEO, Lundberg has overseen significant shifts in how the firm operates, balancing its boutique positioning with a forward-thinking approach. He first joined Gerald Edelman as a trainee in 2010, returning after a stint at Deloitte to lead the Corporate Finance department. Now, under his leadership, the firm is aligning its financial expertise with a broader vision of social responsibility. Achieving B-Corp status is not just a badge of honour for the firm; it’s a signal to the industry of what’s possible when profit and purpose are placed side by side.
From good intentions to great standards
When Gerald Edelman embarked on the journey to becoming a certified B-Corp, it was no a decision made lightly. The certification offered a way to consolidate years of individual initiatives and align them with a measurable, transparent framework. For Carl Lundberg, it was less about starting something new and more about creating structure and accountability around what the firm was already doing.
The push toward B-Corp status also came at a pivotal moment for the firm. Following a change in leadership, Gerald Edelman was redefining its strategy, focusing on becoming a boutique practice with a purpose-driven edge. “It’s about showing that we’re committed to doing business differently—better,” Lundberg noted during the interview.
Becoming a B-Corp wasn’t just a symbolic gesture. The process required a thorough review of the firm’s governance, environmental policies, and client practices, as well as engagement from partners and staff at every level. This effort aligned seamlessly with the firm’s broader goal of standing out in the market—not just as accountants, but as leaders in accountability.
The certification process
Achieving B-Corp certification is no small feat. Gerald Edelman’s teams had to navigate a rigorous process, beginning with the B Impact Assessment—a 200-question evaluation covering governance, workers, community, clients, and the environment. “It’s a self-assessment process, but it’s very data-heavy,” Lundberg explained. For the firm, gathering and verifying data across multiple departments—HR, finance, and client services—was one of the first hurdles.
The process also forced the firm to confront gaps in its policies. “We realised there were areas we hadn’t formalised, like international travel policies or client thresholds for controversial industries,” Lundberg shared. Setting measurable benchmarks, such as reducing reliance on industries with ethical concerns, required not only internal reflection but also difficult conversations with partners and clients.
Partnerships, by their nature, bring complexities. “In a partnership, everyone wants to be involved in decisions,” Lundberg explained. Convincing 22 partners—10 of whom were equity partners—required delicate communication and alignment of priorities.
The certification also forced the firm to re-evaluate its client base, particularly clients in controversial or ineligible industries. Gerald Edelman had to set thresholds to limit work with industries that conflicted with B-Corp values, a move that naturally caused resistance. As Lundberg admitted, “Partners were reluctant to lose clients, even if those clients didn’t align with our strategy.” The process of managing these internal tensions required strong leadership and a firm commitment to the long-term vision.
Another challenge was addressing operational policies that had not yet been formalised. For example, travel policies were scrutinised to ensure alignment with sustainability goals. “Explaining to people why they couldn’t fly business class wasn’t always easy,” Lundberg said. Yet these adjustments were necessary to align the firm’s practices with its values. Even with these obstacles, Lundberg highlighted how the challenges became opportunities. Formalising policies and streamlining processes not only helped meet B-Corp criteria but also improved efficiency within the firm. “Once you know why you’re doing something and what you’re trying to achieve, it becomes much more effective,” he explained.
A customised Tonys Chocolonely presented to Gerald Edelman staff at their Christmas party this year.
What stood out most was how the certification brought cohesion to efforts already underway. While Gerald Edelman had committees for sustainability and DEI, as well as charitable initiatives, the B-Corp framework required these to be aligned under a unified strategy. “It wasn’t about doing more—it was about doing it better,” Lundberg said, emphasising the efficiency gained through formalisation.
Despite the challenges, the firm’s efforts paid off with a final B Impact Score of 84.5—well above the minimum threshold of 80 points. Yet Lundberg views this as just the beginning, with the goal to push their score higher in future assessments.
The impact of certification
While it is still early days, B-Corp certification is already creating ripple effects within Gerald Edelman. For a firm operating in an industry not traditionally associated with sustainability, the certification has added a layer of credibility that resonates with both clients and employees.
“We’ve mentioned it in new client opportunities,” Lundberg shared, noting how B-Corp status aligns with growing client expectations around ESG (Environmental, Social, and Governance) criteria. While he acknowledged it hasn’t yet won them work outright, he pointed to other B-Corps that have gained a competitive edge because of their certification. For Gerald Edelman, it signals to clients that the firm shares their values—a compelling factor in pitches and discussions about long-term partnerships.
Internally, the certification has been just as impactful. It has become a valuable tool for attracting and retaining talent, particularly among younger recruits who prioritise sustainability and accountability in their employers. “At our trainee recruitment day, the first question asked was about our ESG initiatives,” Lundberg recalled, highlighting the shift in priorities among the next generation of professionals.
Beyond external and internal engagement, the certification has also changed how the firm interacts with its supply chain. Gerald Edelman now prioritises working with suppliers who align with B-Corp values, reflecting a deeper commitment to accountability across all aspects of their operations. For Lundberg, these early changes reflect the broader purpose of becoming a B-Corp: running a successful business that creates positive impact. “It’s not just about standing out,” he explained, “but making sure we’re doing the right things in the right way.”
What B-Corp means for Gerald Edelman’s future
Achieving B-Corp certification is just the beginning for Gerald Edelman. For Lundberg, the firm’s focus is not only on maintaining the standards required by the certification but also on surpassing them. With an initial B Impact Score of 84.5—above the 80-point threshold—the firm is already looking to push that number higher. “We want to get to 100,” Lundberg said, underscoring their ambition to continuously improve.
Gerald Edelman’s office
This drive for improvement ties into Gerald Edelman’s broader strategy of standing out in the mid-market accountancy space as a boutique firm with a purpose-driven ethos. Lundberg is clear that the certification is not a marketing tool but a reflection of their long-term values. “It’s about operating with integrity and leading by example,” he explained.
In an industry where clients and recruits are increasingly prioritising sustainability, B-Corp status positions Gerald Edelman at the forefront of this shift. While Lundberg anticipates other firms will follow suit, he believes Gerald Edelman’s early adoption gives them a strategic advantage. The certification also strengthens their ability to attract like-minded clients and partners, fostering relationships grounded in shared values.
Looking ahead, Lundberg sees the certification as a way to formalise how the firm operates while continuing to evolve.
“It’s not about blindly chasing revenue,” he noted.
For other firms considering B-Corp certification, Lundberg offers practical advice based on Gerald Edelman’s journey: start by assessing what you’re already doing. “Document everything,” he suggests. Many firms may already have ESG-related initiatives in place but lack the structure or visibility to measure their impact. By identifying existing practices, you can streamline efforts and reduce the time spent creating new policies from scratch.
One of the most significant challenges Gerald Edelman faced was data collection. From client details to internal processes, the certification process required data to be gathered, validated, and presented in a way that met B-Corp’s stringent criteria. “The time investment was much greater than we anticipated,” Lundberg admitted. Firms considering the process should be prepared to dedicate resources—not just financially, but operationally—towards improving systems and processes to meet B-Corp standards.
Another key consideration is the potential pushback from internal stakeholders. “In a partnership model, everyone has a voice, and not everyone will be immediately on board,” Lundberg shared. Firms should prepare for tough conversations, particularly around clients in controversial industries or changes to suppliers. The long-term benefits, however, outweigh the initial discomfort.
Lundberg also emphasised that pursuing B-Corp status is not a box-ticking exercise. “If you’re only doing it for appearances, it’s not worth it,” he said. The process requires genuine commitment, from leadership to staff, to align business practices with the certification’s rigorous standards.
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Becoming a B-Corp wasn’t just a symbolic gesture. The process required a thorough review of the firm’s governance, environmental policies, and client practices, as well as engagement from partners and staff at every level. This effort aligned seamlessly with the firm’s broader goal of standing out in the market—not just as accountants, but as leaders in accountability.
