Coventry Building Society has become the first UK building society to achieve B Corp certification.

B Corp is a globally recognised certification for companies that meet high standards of social and environmental performance, accountability, and transparency, and are run for the benefit of all people, communities, and the planet. Over 6000 companies of different sizes, in different sectors and from different countries have achieved B Corp certification so far.

By adopting the principles of B Corp, the Society has a framework that supports it in its ongoing effort to make positive changes today and invest in a better future for all. B Corps balance purpose with profit, and consider the impact of their decisions on employees, customers, suppliers, society, and the environment.

Steve Hughes, Chief Executive at Coventry Building Society, said: “We’re all immensely proud of achieving B Corp certification. It feels good to be the first building society to do so and, after almost 140 years, it’s fantastic that Coventry Building Society is still achieving firsts and being recognised for doing things in the right way.

“B Corp is about understanding the impact businesses have in the world, and the recognition that people and place matter. Our members, our people and our communities are central to what we do, and there is a strong link between our values as a mutual and the principles of being a B Corp.

“Our longstanding support for our communities up and down the country, and our clear focus on our colleagues give us a strong foundation. But B Corps also need their products, services and the way they do business to benefit everyone. And that is the true nature of the mutual model: to be run for the long term benefit of members and communities.

“This achievement doesn’t change the fundamentals of what we do or why we do it, but it emphatically underlines our focus on becoming a force for good for our people, members, customers, suppliers and communities.”