Social Value Hong Kong (HK Institute of Social Impact Analysts)’s Post

🌍 Today marks a major step forward in democratising access to the data needed to advance impact accounting. GIST Impact and WifOR Institute are excited to announce the joint release of our Value Factors, using a common framework established by the Capitals Coalition and supported by the Value Balancing Alliance (VBA) and the International Foundation For Valuing Impacts (IFVI). In a radically transparent move for two organisations that would otherwise be seen as competitors, this document makes public, for the first time, a framework, methodology summary and collection of coefficients (Value Factors) that together allow for the location-specific valuation of business impacts across 25 countries. ➡ Why are we doing this? We live in a world of growing volatility and risk, worsened by economic models that overlook the vital benefits and changes in natural, human and social capital. A sustainable economic system requires a fair and standardised institutional framework that measures and values corporate impacts across all capitals (natural, human, social and financial) - otherwise known as impact accounting. Value Factors are essential components of impact accounting, which allow for the calculation of impacts in a comprehensive, standardised, and above all, science-based way. But, whilst there are a growing number of organisations developing their own Value Factors, businesses and the public have thus far lacked access to a unified collection of Value Factors according to a common Value Framework, enabling actionable insights and streamlined implementation. At GIST Impact, we believe in competing over delivery (transparency, confidence and accessibility) rather than ownership or market share. This, we believe, is the path forward to accelerate the much-needed transition to an impact economy. We also acknowledge that due to lack of formalised governance in this space to date, the wider business community seeks guidance for accessible impact valuation and accounting, and they should be encouraged and enabled to do so in the public interest. That’s why we’ve chosen to collaborate with WifOR Institute on this initiative, and have received strong support from the key two organisations who are working to build out governance principles and methodological alignment - the Capitals Coalition and IFVI - as well as the key business coalition for impact accounting, the VBA. ➡ What’s next? We invite businesses, especially SMEs, to review the document and contact GIST Impact and WifOR Institute for more details to get started on their impact accounting journey. In line with our goal to further democratise access to Value Factors and transition to an impact economy, we also encourage other providers to join this groundbreaking initiative and make their data available for the benefit of all. 👉 Access the full document here - https://lnkd.in/ez8uimSF  📧 Reach out to us at info@gistimpact.com #ImpactAccounting #ValueFactors #Collaboration

What are Value Factors? Where can you find them? We are pleased to share a significant step forward in increasing the accessibility and transparency of Value Factors. GIST Impact and WifOR Institute have recently teamed up to make a selection of their value factors publicly available, enhancing the accessibility and transparency of these crucial insights. There will be more to come. 👉 Read more here https://bit.ly/3XJnqOj Mark Gough Martin Lok Pavan Sukhdev Richard Scholz Dan Osusky Christian Heller

Out today! For the first time, our 2024 Social Benchmark assesses all 2,000 of the world’s most influential companies, also known as the #SDG2000. These companies directly employ 95 million people and hundreds of millions more in their supply chains. Generating 45% of GDP in revenue each year, their role in building a more equal and inclusive world has never been more crucial. Unfortunately, results show that 90% of companies are not even halfway to meeting fundamental social expectations. Only 4% pay or have a target to pay their workers a living wage. Just 3% have a working hours policy that complies with International Labour Organization’s standards. And only 5% disclose their lobbying expenditures. These numbers are bleak. What can be done to accelerate company performance? Governments can drive change by enacting regulation that clarifies what is expected and required of businesses. They can acknowledge the private sector’s vital role in advancing the Sustainable Development Goals by incorporating this topic – along with an analysis of companies’ contributions – into their voluntary national reviews. Financial institutions, civil society and other stakeholders can also collectively accelerate corporate action. Learn more: https://bit.ly/SocialBM24 #SocialBenchmark2024 #bizhumanrights #WhenCompaniesValuePeople #LeaveNoOneBehind #VNRs #SDGs #corporateaccountability

🎉 Join Us for the True & Fair Members Information Event! 🎉 Date: 27 June 2024 Time: 12:00pm – 1:30pm BST Location: ZOOM Highlights: New Legal Opinion: Learn about the requirement for company directors to approve accounts that are true and fair. Implications: Discover the impact on integrating sustainability information into financial statements. Next Steps: Get involved with SVI’s future plans. Speakers: Ben Carpenter, Social Value International CEO. Jeremy Nicholls UNDP Assurance Framework Lead. Who Should Join? This session is for anyone interested in SVI’s mission to transform how we account for value, especially company directors and sustainability advocates. Note: Free for SVI members and Joint Member Networks. Non-members can purchase tickets for £10 here: https://lnkd.in/e76MrAQe Register here: https://lnkd.in/eq_KMJ7N Let's drive meaningful change together! #TrueAndFair #SocialValue #Sustainability #FinancialReporting #SVIEvent Looking forward to seeing you there! Social Value UK The Social Value International Team