Philadelphia partner Doug Raymond authored an article for Directors & Boards titled “Measuring Impact in the Boardroom.” The article explores the “B Corp” movement, known as a driving force in the arena of social-impact businesses, and the standard it sets for making and measuring impact in a public and verifiable way. Lizzie Babson assisted with the preparation of this column.
Doug and Lizzie recognized that the growing trend of socially responsible investing has significant implications in the boardroom. He added that even though there are metrics available to measure and report financial performance, there is a lack of guidance for companies hoping to benchmark social impact. However, this situation is changing, as more tools become available to help evaluate and score social impact. Doug describes some of these tools and predicts that demand for tracking and reporting of social impact will continue to increase.