Learn about the changes to our Owned and Founded Proof Points
We’ve combined our Owned and Founded Business Proof Points to create a more impactful Female/Black/Person of Colour-Led Business Proof Point, placing more emphasis on business owners and founders who remain actively involved in the company.
We made these changes so that it is clearer for shoppers to select products from brands managed by groups considered minorities in business ownership and leadership, who still have a meaningful stake in the business or make up a majority of senior leadership positions.
This step has been taken to avoid situations where the Proof Point may not accurately reflect the current state of a company. For example, where an original minority group founder has their share in the business diluted over time and therefore no longer has significant influence over the business, or to avoid the possibility of a brand qualifying for a Founded Business Proof Point if the original minority group founder has since stepped away from the business.
To accommodate these changes, our Owned Business Proof Points have been renamed to Led Business and our Founded Business Proof Points are being phased out over the next three months.
What does this mean for my existing Proof Point?
Brands who have previously qualified for an Owned Business Proof Point will automatically still qualify for a Led Business Proof Point. The only change will be the renamed title of your live Proof Point.
We performed an audit for all live Founded Business Proof Points and it is likely your brand meets the updated standards if you currently have this Proof Point. This applies if your Female/Black/Person of Colour founder(s) still own a 50% stake in the business, or retain at least a 20% stake and are still well-represented in the senior leadership team. All that you will need to do in this circumstance is submit a Female/Black/Person of Colour-Led Business Proof Point with supporting evidence.
Nevertheless, if you’re unsure if you still meet the criteria you can check the update in our Framework here. If you would like to evidence your new claim by proving your founders have a 20% stake in the company and are well-represented in leadership positions, you can find a template Statement of Transparency and instructions here.