The Seven Principles of Maximising Social Value
This month we published a new report “The Seven Principles of Social Value, and why they are important for accountability and maximising social value”, that is available for free on our online resource library.
Social Value is the value that stakeholders experience through changes in their lives. Some, but not all of this value is captured in market prices.
The Principles of Social Value provide the basic building blocks for anyone who wants to make decisions that take this wider definition of value into account, in order to increase equality, improve well being and increase environmental sustainability. They are generally accepted social accounting principles.
The Principles are not individually remarkable; they have been drawn from principles underlying social accounting and audit, sustainability reporting, cost benefit analysis, financial accounting, and evaluation practice. There are other guides available on the process of measuring and reporting social value and impact that also refer to principles, such as the Social Investment Taskforce Guidelines for Good Impact Practice. However, the Principles of Social Value can be distinguished by their focus on what underpins an account of social value, and on the questions that need to be addressed so that the information can be used to better inform decisions.
The Principles were originally developed in 2009 and were updated in 2015 following the merger of the SROI Network and the Social Impact Analysts Association. This new report from Social Value UK explains the thinking that underpins these Principles.
Please read the report here and let us know what you think in the comments section.