External Rate of Return (ERR) Platform
The External Rate of Return is an inclusive and transparent platform for measuring the overall social and economic impact of business activities.[1] The External Rate of Return Platform was developed by Mark Florman,[2][3] a British businessman, entrepreneur and a pioneer in impact philanthropy and social justice, in 2013.[4]
An impact assessment method with a social character[edit]
Although there are more than a hundred social impact assessment methods, they all share similar limitations. The ERR platform uses five proposed vectors (Company, Suppliers, Customers, Society and Environment) to allow companies to not only prove their qualitative insights but all quantify their score. ERR platform users can comment on scores and provide alternative ones that are displayed next to the score generated by the company. Most importantly the ERR enables a dialogue on how business activity affect people and place.[1][5]
Media[edit]
On 25 June 2013, Mark Florman speaking at the Chartered Institute of Housing annual conference in Manchester, discussed how the external rate of return can be used by businesses to report the social value they create, such as job creation, to funders.[2]
On 2 July 2013, Mark Florman defined ERR in an interview with Kimberly Romain.[3]
On 19 February 2016, LSE Enterprise published a report titled "A critical evaluation of social impact assessment methodologies and a call to measure economic and social impact holistically through the External Rate of Return platform" co-authored by Mark Florman, Dr Robyn Klingler-Vidra and Mr Martim Jacinto Facada.[6] The LSE Enterprise report has called for a new way to measure the social impact of business. The researchers suggest that the External Rate of Return platform would enable companies, investors and third parties to report activities across five arenas: the company, suppliers, customers, society and the environment.[7]
On 26 November 2016, the ERR platform was mentioned in Michael Hayman's feature "Investing for the common good" which was published in The Spectator.[8]
References[edit]
- ↑ 1.0 1.1 Florman, Mark. "External Rate of Return, Summary", markflorman.com, Retrieved on 20 January 2017.
- ↑ 2.0 2.1 Brown, Carl. "Landlords should pool assets to raise £30bn", insidehousing.co.uk, 25 June 2013. Retrieved on 20 January 2017.
- ↑ 3.0 3.1 Romaine, Kimberly. "Mark Florman defines ERR; Awards deadline Friday", unquote.com, 2 July 2013. Retrieved on 20 January 2017.
- ↑ Florman, Mark. "Mark Florman Biography", markflorman.com, Retrieved on 20 January 2017.
- ↑ "How External Rate of Return can help businesses measure their social impact", economia.icaew.com - member publication for ICAEW chartered accountants, 28 April 2016. Retrieved on 20 January 2017.
- ↑ Florman, Mark; Klingler-Vidra, Robyn; Facada, Martim Jacinto "LSE Enterprise - External Rate of Return", LSE Enterprise, 16 February 2016. Retrieved on 20 January 2017.
- ↑ "LSE Blogs - Expert analysis & debate from LSE", LSE Enterprise, Retrieved on 20 January 2017.
- ↑ Romaine, Kimberly. "Investing for the common good", http://www.spectator.co.uk, 26 November 2016. Retrieved on 20 January 2017.
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