Clarification on the stated purpose of the SVI Standards

On 24th March 2022 Social Value International (SVI) published a short document titled “The Purpose of the Principles of Social Value and the SVI Standards”. This document clarifies that the SVI Standards for applying The Social Value Principles are designed to support the production of ‘social value accounts’ and decision making that optimises impacts on wellbeing for all materially affected stakeholder groups.  

The new wording of the stated purpose of the SVI Standards has been carefully chosen after dialogue with the SVI methodology sub-committee and the SVI board. The document is consistent with, and builds upon, previous documents published by SVI such as the longer discussion document published in 2016 titled “The Principles of Social Value, and why they are important for accountability and maximising social value” - available here. 

The document published on 24th March includes short sections on: 

• Who uses the Principles of Social Value and SVI standards;  

• A short overview of The Principles, the stated purpose of the SVI standards, some unique aspects of the SVI Standards; and 

• An updated SVI Key Terminology with some updated definitions for consultation.  

Consultation: The updated definitions of key SVI Terminology is another important development. We have a consultation period starting from today ending on 31st May 2022. Please download this file and submit your feedback and response to the new definitions to hello@socialvalueint.org using this template.

CEO of SVI Ben Carpenter says: 

“This is another important moment in the evolution of the Principles of Social Value and the SVI Standards. These Principles were first created in 2007 when Social Value UK began life as the SROI Network and published the Guide to SROI. That guide has been translated into 10 different languages. The Principles of Social Value have stood the test of time, they have been adopted in over 45 countries and form the glue that unites our diverse networks and activities. 

Fast forward to 2022, SVI are now a recognised international standard setter increasingly working with policy makers and other sustainability standard setters as we try to achieve our mission of changing the way society accounts for value. As we grow and work more collaboratively to increase convergence and consensus on accounting for value and impact management practice, we must be very clear about what the SVI Standards are designed to achieve. Equally, as Social Value and SROI practitioners, it is essential that we have clarity and consistency in our intentions and messaging.  

This latest document helps connect our technical standard setting work and our vision of a world where decision making, ways of working and resource allocation are based on the principles of accounting for value, which leads to increased equality and well-being and reduced environmental degradation. 

I am very grateful for the work of so many individuals across our networks over many years to help us produce this latest document. I am excited for the new opportunities that will arise from having this renewed clarity on the purpose for the SVI Standards.” 

The SVI methodology sub-committee will adopt the language set out in this document in progressing with new Standards for applying Principle 5, 6, 7 and 8. Updates and revisions to Standards for 1,2,3 and 4 will also take place later this year.  

Lastly, SVI are seeking sponsors and partners to accelerate the work of the SVI Technical Committee. Please contact us if you are interested in supporting this important work.