The month of March is B Corp month. Every March B Lab and the global B Corp community come together to celebrate what it means to be a B Corp.
Whether or not you have seen the certification or heard of the term B Corp before, it is important to understand what it really means.
B Corps (Coperations) are businesses that meet the highest standards of social and environmental performance. They focus on putting people and the planet above profit.
The B Corp certification is provided by the non-profit B Lab. B Lab is a network transforming the global economy to benefit all people, communities and the planet. As B Lab puts it, “Business should be used as a force for good”.
There are currently over 4800 B Corps Worldwide in 78 countries.
The B Corp certification isn’t just a certification but also a commitment. Any company can claim they are both socially and environmentally up to standard, but not all will be which is why having a certification like B Corp can prove that.
However, getting that certification isn’t easy which means not just any company can obtain it.
In order to receive this certification, companies need to demonstrate high social and environmental performance. This is done by achieving a B Impact Assessment score of 80 or above and passing their risk review.
Companies also need to make a legal commitment. To do this they need to change their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation if available in their jurisdiction.
Finally, companies need to show transparency by allowing information about their performance to be measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.
Find out if a business if B Corp certified here https://www.bcorporation.net/en-us/find-a-b-corp or look out for the B Corp certification below.
Feature Image Credit: B Corp