B Corporations represent a new kind of business philosophy to protect and develop the future of all stakeholders.
Beckley Psytech, in applying for B Corporation status, aims to set a precedent not only for the Company’s peers in the psychedelic sector but for the wider pharmaceutical industry as well. The application, which is subject to shareholder approval, is a signal of intent for the positive impact the Company seeks to achieve in the world. This action represents an important early step In Beckley Psytech’s longer journey to deliver its mission of changing the way society treats neurological and psychiatric conditions.
Once certified, B Corporation status will be a public demonstration and recognition of Beckley Psytech’s positive impact on its employees, community, environment and patients around the world. This certification, which is independently verified by B Lab’s Standards Advisory Council using a comprehensive set of criteria, is the only one that measures a company’s entire social and environmental performance. Beckley Psytech believes this is the right time to apply for B Corporation status, to support its continued growth, development and commitment to society.
The number of B Corporations has grown exponentially in recent years with over 4,000 companies now certified, as people & investors seek companies committed to both purpose and profit. As one community, B Corporations can work together to effect significant change globally. As well as having a positive impact on society, certified B Corporations have a proven positive impact for shareholders. In 2019 B labs published data showing that in the UK, B Corporations grew 28 times faster than national economic growth.
Cosmo Feilding Mellen, CEO of Beckley Psytech, said: Beckley Psytech was created with a purpose to improve people’s lives and to change the way we view and treat neurological and psychiatric conditions. B Corporation status mirrors our commitment, not just to benefit our shareholders, employees and patients but to our wider society and communities. We want to be at the forefront of change, which is why we are seeking to join this prestigious community aspiring to meet the highest global standards.”
Jay Newmark, General Partner of Integrated (the Company’s largest investor) said: "We are delighted with and fully supportive of Beckley Psytech's intention to become a B Corporation. During this critical time on the planet we feel that it is imperative that businesses operates in a way that positively contributes to the well-being of society and the people within it. The ethos of a B Corporation is fully consistent with that of the emerging psychedelic medicine field, and we wholeheartedly endorse Beckley Psytech's decision to take this step and to lead by example within the sector."