The estimated degree of change that would have happened anyway – without engaging with, or being affected by, the entity. Performance of peer entities, industry or local benchmarks, and/or Stakeholder feedback are examples of counterfactuals that can be used to estimate the degree of change likely to occur anyway for the Stakeholder.

1. Impact Frontiers. (2022, May 13). How Much. Impact Frontier. Retrieved October 5, 2022, from https://impactfrontiers.org/norms/five-dimensions-of-impact/how-much/
2. Standards and Guidance. (n.d.). Retrieved September 19, 2022, from https://www.socialvalueint.org/standards-and-guidance