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Cordant Group, the UK facilities services contractor, is to become a Social Enterprise. The family-owned firm reports that it will reinvest the majority of its profits in due course into social programmes across education, employment, and healthcare.
The business has revenues of £840m and employs 125,000 workers annually in schools, hospitals, care homes, security and specialist roles such as engineering. Cordant has already capped annual shareholder dividends at about £250,000 per shareholder family, per annum, which in today’s terms equates to £3m; capped executive salaries at 20 times that of the lowest paid worker; and agreed to be independently audited, using recognised Social Impact measurements.
Cordant stresses that it’s business as normal, while these changes will enable it to reinvest profits into such initiatives as a teacher programme being developed by international education authority Richard Gerver to examine the link between the classroom and life/work preparation; IT platforms offered at zero cost for the healthcare sector; partnerships with key clients on up-skilling and training for the temporary workforce; creation of a profit share scheme for staff; and investment in technology to better connect pupils to apprenticeships, workers to jobs, and patients to doctors and carers.
Phillip Ullmann, Chief Energiser, Cordant Group said: “Our dream of building a genuine global Social Enterprise that can delight people and improve the lives of thousands of people is now being realised. We believe our teacher programme will change the classroom, our workplace initiatives will re-engage employees, and our healthcare ideas will transform patient care.”
Chris Kenneally, CEO, Cordant Group, said: “It is business as usual at Cordant but with one key difference – profits will now be used to deliver a broader prosperity, benefiting society as a whole and not just our shareholders. Whilst we believe this is an important moral position given the overwhelming response, we also know it will be positive for our businesses and drive efficiency, productivity and profitability. Our key customers are keen to work and partner with us on a journey that will create deeper relationships and returns.”