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UK Private Investment Office Secures Coveted B Corp Status

Tom Burroughes

22 May 2024

UK-based is trumpeting its new B Corp certification, a status which, it says, allows it to broadcast its sustainability, impact and ethical qualities.

Lincoln, headquartered in London, said it has evaluated its business along the tests of “governance, work, community, environment, and customers.”

“We are excited to join the community of B Corps. It has felt like a natural fit for the way we see the world and I believe this confirmation of how we reach high standards of social and environmental performance, and our transparency and accountability, will be incredibly important in the years ahead," Ross Elder (pictured), managing partner, said in a statement yesterday. 

B Corps, or Benefit Corporations, are businesses that are deemed to meet rigorous social and environmental standards. Status is granted by B Lab, a non-profit organisation. 

There are more than 2,000 such organisations in the UK (source: B Corporation UK). In the wealth management/private banking space, firms with the accreditation include Coutts, C Hoare & Co, and Crown Agents Bank (this bank facilitates payments and foreign exchange in emerging and frontier markets). In wealth management, others include Progeny, EQ Investors and Triple Point. Outside financial services, B Corps include brands such as Innocent, Patagonia, The Body Shop and organic food pioneers Abel & Cole.

“We know that Lincoln are going to be a fantastic addition to the community and will continue driving the conversation forward,” Chris Turner, executive director of B Lab UK, said.

(This year, Lincoln also won the private investment office award from WealthBriefing in the European awards programme for 2024.)

B Corp Certification is a designation signifying that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. Firms must continuously prove their credentials in these areas. Despite pushback on ESG in the investment world at times, businesses appear to continue valuing such credentials as a way of standing out for clients, suppliers and employees.

Appointment
Separately, the wealth manager appointed Jason Mackay to join its investment advisory board.

Mackay worked for eight years in equities for UBS and was a managing director at Morgan Stanley on their proprietary trading desk. He went on to run a $3 billion hedge fund at GLG for seven years, sat on boards of several companies, and founded a number of firms, Lincoln said.