FARAD Group B-Corp for more than 6 years, an exception
In the contemporary business environment, where organizations increasingly incorporate Environmental (E), Social (S), and Governance (G) aspects into their operations and management, the B-Corp certification has emerged as a symbol of commitment to broad social responsibility. B-Lab is the entity responsible for certifying businesses, referred to as B-Corps, that adhere to these criteria. Presently, there are over 8,000 companies spanning 180 industries and operating in 92 countries that proudly bear the B-Corp title.
In Luxembourg, the market for B-Corps is still emerging. FARAD Group became the second company certified as a B-Corp in the country in 2017. At its core, being a B-Corp entails striving for the benefit of all stakeholders—people, communities, and the planet. The ultimate objective is not merely success within the world, but rather making a positive impact upon it. The B-Corp certification signifies that a company maintains standards of performance excellence, accountability, and transparency.
To delve into the significance of this commitment, and its implications, various individuals from FARAD Group provide their perspectives.
FARAD Group's Vision
What was the vision behind FARAD Group's decision to become a B-Corp certified company?
Marco CALDANA, the founder of FARAD GROUP, established the company in 2001 with a steadfast vision. At FARAD GROUP, the focus has consistently been on generating enduring value, not solely for the shareholders, but also for our stakeholders, encompassing employees, customers, and broader society. Embracing B-Corp certification emerged as a logical step to codify our dedication to sustainability and social accountability.
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Challenges and Rewards
What challenges did you encounter during the B-Corp certification process and what were the rewards?
Daniel CAPOCCI, the CEO of FARAD I.M., acknowledges that the B-Corp certification process is arduous and exacting. Throughout our journey, we have undertaken thorough reviews and enhancements across various facets of our operations, spanning from governance to environmental impact to equitable labor practices. Despite operating within a regulated industry in a developed nation, we recognize that the certification process remains demanding.
The accrued benefits have been substantial, particularly in recent times, as evidenced by the heightened interest in the certification. It has bolstered our reputation as a socially responsible entity and facilitated connections between FARAD Group, FARAD I.M., and similarly conscientious enterprises.
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Impact on Stakeholders
How has B-Corp certification influenced your stakeholders, including your customers, employees, and the local community?
Nicoletta MORSUT, Conducting Officer at FARAD I.M., highlights the profound impact of B-Corp certification on various aspects of the company. This certification has notably bolstered the trust of our customers in the commitment to ethical and sustainable business practices. Furthermore, it has instilled an added sense of pride and motivation among our colleagues, who now recognize themselves as integral parts of a company dedicated to making a positive impact.
The certification has also proven instrumental in attracting and retaining talented employees. Additionally, it has allowed FARAD to forge stronger bonds with the local community through various corporate social responsibility initiatives and engagements. Being recognized as a certified B Corp positions us as leaders in a global movement that advocates for using business as a force for good. We take immense pride in contributing to the collective effort to build a better world.
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The Future of FARAD Group as a B-Corp
What are the next challenges and goals for FARAD Group as a certified B-Corp company?
Marco CALDANA emphasized the ongoing commitment to advancing our sustainability and social responsibility practices as a certified B-Corp entity. This entails a relentless pursuit of novel approaches to foster positive outcomes for our stakeholders, all while upholding operational standards of excellence. FARAD Group aspire to serve as a beacon for other enterprises, encouraging them to emulate our journey towards sustainability.
Conclusion:
In conclusion, Daniel Capocci emphasizes that the B-Corp certification symbolizes a robust dedication to business sustainability and social responsibility. FARAD Group's extensive experience as a certified B-Corp company for over 6 years illustrates both the challenges and rewards inherent in such a commitment. As FARAD Group persistently innovates and embraces ethical business practices, it serves as a beacon, inspiring other companies to embark on a similar journey towards a more sustainable and inclusive future. Capocci advises companies with long-term perspectives to explore this certification, as he firmly believes that a community dedicated to these principles will inevitably emerge.
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If you want to learn more about our sustainable investing products and services offering, please contact CRM@FARAD-IM.com.
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by: Marco Caldana , Daniel Capocci & Nicoletta Morsut