Social Value International officially launched at a drinks reception in London on the 18th May.

Jeremy Nicholls, CEO of Social Value International and Social Value UK presented the new Social Value Principles, a crucial step forward in unifying the message about the importance of accounting for value. Nicholls said: ‘the creation of Social Value International will help to spread the message of incorporating different types of value into decision making and ultimately help increase the accountability of organisations to all of their stakeholders.’

The organisation will continue to be member led and will work closely together with its members to increase the profile of social value and impact measurement, reporting and management. An important part of Social Value International’s new strategy is to support and champion the work of affiliated National Networks. Richard Kennedy, co-chair of Social Value International, commented: ‘Our mission, to change the way society accounts for value, has never been more important and we have a huge, but exciting task ahead of us’.

At the core of our work are The Seven Principles of Social Value. The Principles provide the basic building blocks for anyone who wants to make decisions that take a wider definition of value into account, in order to increase equality, improve wellbeing and increase environmental sustainability. They are generally accepted social accounting principles:

1. Involve stakeholders– Inform what gets measured and how this is measured and valued in an account of social value by involving stakeholders.
2. Understand what changes – Articulate how change is created and evaluate this through evidence gathered, recognising positive and negative changes as well as those that are intended and unintended.
3. Value the things that matter – Making decisions about allocating resources between different options needs to recognise the values of stakeholders. Value refers to the relative importance of different outcomes. It is informed by stakeholders’ preferences.
4. Only include what is material – Determine what information and evidence must be included in the accounts to give a true and fair picture, such that stakeholders can draw reasonable conclusions about impact.
5. Do not over-claim – Only claim the value that activities are responsible for creating.
6. Be transparent – Demonstrate the basis on which the analysis may be considered accurate and honest, and show that it will be reported to and discussed with stakeholders.
7. Verify the result – Ensure appropriate independent assurance.

The Bulgarian Country Social Value Group is a member of Social Value International.