Alongside yesterday’s launch of the Social Capital Protocol Coalition, the Social and Human Capital (SHC) Protocol is opening for public consultation until 16 June 2018. The SHC Protocol is a critical step for bringing together the currently fragmented landscape of social measurement and valuation.
The SHC Protocol – developed by WBCSD and an expert Advisory Group with over 20 companies – aims to help business measure and value intangible assets such as skills, competencies, consumer trust and the importance of establishing closer relationships with regulators and local communities.
Opening the SHC Protocol for consultation will help ensure that the voices of all stakeholders are included in the updated version.This is the first major engagement opportunity for organizations interested in working with the new Social and Human Capital Coalition.
“The launch of the public consultation on the Social and Human Capital Protocol offers business and other stakeholders the opportunity to contribute their views and experience to this growing field,” said Mark Graham, Technical Director of The Social and Human Capital Coalition.
As the practice of measuring social impact evolves and gains momentum, companies are increasingly calling for a harmonized approach to measure and value their interactions with people and society. In response to this need, organizations around the world are driving collaboration by contributing their knowledge and understanding to updating the SHC Protocol.
“The SHC Protocol is a valuable framework for improving business decision-making and ultimately reporting. We are building on its current success through the public consultation, which will broaden participation and confirm the Protocol as a generally-accepted resource,” said Eva Zabey, WBCSD. “We strongly encourage experts and businesses to participate in the public consultation, which will help us improve the Protocol and ensure it’s useful across global sectors.”
When the project finishes, it will clarify best practices, boost the positive impacts of business and improve credibility by integrating social and human capital impacts and dependencies into performance management and decision-making.
Ultimately, it will provide the universal processes, principles and tools business needs to ensure social risks and opportunities are considered alongside financial and environmental issues in corporate strategy and decision-making. It will also lay solid foundations for integrated reporting.
Join the Social and Human Capital Coalition to show your support: see www.social-capital.org for more information.
Help shape this agenda by participating in the Public Consultation on the Social and Human Capital Protocol at: www.collaborase.com/social_human_capital.