Laureate Education, Inc., the First Public Benefit Corporation To Go Public, is Named “B Corp MVP” in 2017
BALTIMORE, MARYLAND – October 17, 2017 – Laureate Education, Inc. (Nasdaq: LAUR), the global leader in higher education, was named “B Corp MVP” in 2017 in recognition of the most impactful contributions to the B Corp movement over the last year. This recognition, given by the non-profit B Lab, comes eight months after Laureate’s listing on Nasdaq and becoming the first Public Benefit Corporation (PBC) to go public on any stock exchange in the world. Laureate is also the largest Certified B Corporation® in the world, as well as the first multinational corporation to have all subsidiaries certified, and the first higher education company to be certified.
In presenting the award, B Lab co-founder Andrew Kassoy said, “This year, Laureate Education chose to exercise the courage of their convictions that the conventional wisdom was wrong. They rejected the existing market paradigm of shareholder primacy. In February, Laureate completed the first ever IPO of a Benefit Corporation, raising nearly $500 million from institutional investors. They blew away one of the biggest impediments to building an inclusive economy. In choosing a harder path, they have created opportunity for all who follow.”
In 2015, Laureate took the step to further integrate its mission to be Here for Good into its structure and to assess the impact of its activities. First, it took advantage of a new corporate classification in the U.S. and converted to a PBC, required by law to create a general public benefit through a material, positive impact on society. At the time of converting to a PBC, Laureate was the largest PBC in the world. Also in 2015, Laureate also became a Certified B Corporation®, undergoing a rigorous assessment that meets the highest standards of overall social and environmental performance, public transparency, and legal accountability.