The London Benchmarking Group (LBG) has developed an internationally recognised standard for measuring and evaluating corporate community investment. LBG tools enable companies to account for total community investment, reporting on performance in comparison with their peers. LBG currently has over 50 Australian members, among them many of our most recognisable and influential brands.
In November 2012, Rhod Ellis-Jones of the Shared Value Project was invited to speak about shared value at the annual LBG plenary, hosted by NAB. There was significant interest among member companies with a lively breakout session following the main addresses.
Since then, we have been exploring how to exchange information and ideas with LBG members on shared value as a practice model.
We’re happy to announce, the result is the announcement of an alliance between LBG and the Shared Value Project aimed at improving awareness of shared value as a practice and support in finding and executing pilot projects.
Initially, the terms of reference for the alliance are:
1. The Shared Value Project will provide LBG members with the latest information and knowledge on development of shared value as a practice in Australia and internationally.
2. Establishing a shared value practice group comprising LBG members who have a genuine interest in enhancing their skills, developing new models and piloting shared value projects.
3. As LBG members develop shared value projects, exploration of how LBG measurement tools may be extended to cover shared value metrics.
4. Specially designed education programs for LBG member companies, offered through LBG.
It is fantastic to see such interest in alternate models of social impact investment in Australian business.