What Are B Corporations and Why Are They Important?

A B Corp is an important term that fashion lovers, environmentalists, and all consumers will want to familiarize themselves with. As a relatively new concept, many people may not know what B Corps actually are or have never even heard of them. Here is an official definition of B-corps, provided by the nonprofit B lab: “Certified B Corporations are businesses that meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose. B Corps are accelerating a global culture shift to redefine success in business and build a more inclusive and sustainable economy.” In other words, these companies prioritize social and environmental problems and are truly committed to using business as a force for good. It is often hard to find businesses that can balance the three P’s: people, profit, and planet. However, B Corps go above and beyond to meet their company’s social and environmental goals. Something unique about B Corp is that their focus is not only in the shareholders of their company. Instead, B Corps are required to take the interest of stakeholders such as workers, communities, customers, and the environment etc. into account as well. This ensures that B Corps are not only trying to maximize their profits for shareholders, which sometimes hurts people and the environment in the process. Instead, they recognize the need to take responsibility for the potential impact of their actions and they are more conscientious about their business decisions. Personally, I am very inspired by the mission of B Corps and their dedication to making our economy socially responsible.


How does a company B Corp certified?

To get B Corp certified, a company has to be certified by the non-profit B Lab, which sets standards for B corporations and judges if a company is in compliance with the B Corps goals. They must also achieve a minimum verified score on rigorous B Impact Assessment which evaluates a company’s impact on its workers, customers, community, and environment.

How to look out for a b-corp?

A great way to find a B Corp is to use the B Corp directory website linked below. This amazing tool allows you to search for a certified B Corp in countless industries near you! Currently, there are over 2,500 certified B Corps in more than 50 countries and that number is sure to grow! Supporting these businesses is a great way to support a sustainable future.

https://bcorporation.net/directory




References

Jeff Cullinane. (4 March 2019). What is a B-Corp? What is a Benefit Corporation? What’s the difference?

https://cullinanelaw.com/what-is-a-b-corp-what-is-a-benefit-corporation/

About B Corps

https://bcorporation.net/about-b-corps

What You Ought to Know About Certified B Corps

https://www.cultivatingcapital.com/b-corporation/

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