What is B Corp and B Lab?
There is an increasing demand for businesses that prioritise social and environmental responsibility. As a result, many companies are taking steps to integrate purpose and profit to create a better world. One approach to achieving this is by becoming a Certified B Corporation™.
So, what exactly is a B Corp, and who is behind it? B Lab®, a non-profit organisation founded in 2006 by Jay Coen Gilbert, Bart Houlahan, and Andrew Kassoy, is driving the B Corp movement. The goal of B Lab is to redefine business success by establishing a community of companies that meet high standards of social and environmental performance, public transparency, and legal accountability, all while balancing profit and purpose.
To earn B Corp certification, a company must undergo a rigorous evaluation of its practices in areas such as governance, workers, community, environment, and customers. The B Impact Assessment, which consists of over 200 questions, assesses a company's practices in areas like the use of renewable energy, workforce diversity, and supply chain transparency. A company must achieve a score of at least 80 out of 200 to become a Certified B Corp.
B Corp certification is not a one-time thing but a continuous commitment. Certified companies must recertify every three years and demonstrate ongoing efforts to improve their social and environmental impact. In addition, companies must sign a legal agreement that requires them to consider the impact of their decisions on all stakeholders, including workers, customers, suppliers, communities, and the environment.
B Corps are more than profit-driven entities; they're also committed to creating a positive impact in the world. In the B Corp community, businesses collaborate and share resources and best practices to improve their impact and create a better future for all. The B Corp community includes over 4,000 companies in 77 countries and 153 industries, ranging from small startups to large corporations like Patagonia, Ben & Jerry's, and The Body Shop.
To sum up, obtaining B Corp certification is an effective means for companies to showcase their dedication to social and environmental responsibility. Through meeting rigorous standards and signing a legal agreement, B Corps are responsible for their impact on all stakeholders. As more people recognise the significance of blending purpose with profit to create a better world, the B Corp movement is expanding. As consumers, we can endorse this movement by selecting to conduct business with Certified B Corporations.