Olsights: Our B Corp Journey So Far
Our journey started in June 2020 when we set up Olsights with a purpose of using our knowledge & experience to help others understand the complexities of the energy world. At the time we consisted of only two founders passionate about creating a more sustainable future for the next generation.
In January 2021, we were accepted into a prestigious clean tech incubator program which introduced us to the B Corp philosophy.
“Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy.” – About B Lab UK – B Lab UK (bcorporation.uk)
This perfectly aligned with our vision and mission, so we decided to go for accreditation. By March 2021, we had achieved B Corp Pending Status, valid for 12 months.
We submitted our full B Corp Impact Assessment in March 2022 and were awarded B Corp Status in March 2023 with an overall verified score of 99.1. This was an exciting milestone, marking our commitment to good governance and ethical business practices.
B Corp: A Year in Review
A year has passed since we were awarded B Corp status. It’s been a busy year filled with challenges and successes, but one thing has remained constant: our commitment to helping the world understand the energy world and to growing as a company with a force for good.
Our initial impact assessment was challenging but really made us think critically about our business practices and operations. We were delighted to achieve an almost perfect score in the Governance B Corp Impact area, showing that we are on the right path of creating an ethical company. However, we are mindful that we still have a long way to go to achieve our ultimate goal.
Looking towards the next 12 months, we have used our B Corp score to set some ambitious targets, particularly in the workers and community areas, to keep moving along the right path as we continue to grow. We are excited to see where the journey takes us this year.
Our B Corp Impact Report March 2024
Olsights 2023 BCorp Impact Report by Rosie Griffiths
Governance
Governance evaluates a company’s overall mission, engagement around its social/environmental impact, ethics, and transparency. This section also evaluates the company’s ability to protect its mission and formally consider stakeholders in decision making.
Last year, we achieved 94% in mission & engagement, 97% in mission locked, 100% in ethics & transparency, and 91% in mission locked. We aim to uphold our status of net-zero emissions and appoint at least one independent member to the board.
Workers
This section evaluates a company’s contributions to its employees’ financial security, health & safety, wellness, career development, and engagement & satisfaction. It’s a key area for improvement in 2024 for us.
Last year, we conducted a comprehensive Company Health Check, increased annual leave allocation, and established an options scheme with approval from HMRC. Over the next year, we will be implementing the employee options scheme, striving to achieve a zero attrition rate, and acting on the recommendations from the initial health check.
Community
The Community section evaluates a company’s engagement with and impact on the communities in which it operates, hires from, and sources from. This is another key impact area for improvement in 2024 for us.
Last year, we allocated one day per quarter for each employee to volunteer and hosted company volunteer days at a local park. In 2024, we aim to initiate our own community project, develop a supply chain policy, and set precise and quantifiable diversity goals.
Environment
The Environment section evaluates a company’s overall environmental management practices as well as its impact on the air, climate, water, land, and biodiversity.
Last year, we offset the 7 tonnes of carbon emissions we couldn’t reduce to zero through Ecologi and moved to a more energy-efficient office environment. In 2024, we aim to discourage the use of single-use plastics and disposable coffee cups within our office environment and develop a policy aimed at minimizing carbon emissions associated with travel.
Customers
The Customers section evaluates a company’s stewardship of its customers through the quality of its products and services, ethical marketing, data privacy and security, and feedback channels.
Last year, we set and implemented customer satisfaction targets, established Objectives and Key Results (OKRs) directly tied to specific customer satisfaction goals, formalized the customer feedback mechanism, and conducted a thorough review of our code of ethics. In 2024, we aim to improve our systems as we grow, enhancing accountability through quarterly progress reviews and public updates on our website.
The Future
As we continue to develop and grow Olsights, we will use B Corp as a basis to ensure we refine our operations both ethically and profitably. Looking ahead to 2026, we are setting ambitious goals by aiming for a recertification score of more than 110, by focusing predominantly on the workers and community impact areas.
For more information about what we do at Olsights and how we can help you with your next clean energy or decarbonisation project, contact us at hello@olsights.com.
