We all are familiar with seeing companies listed as LTD. Corp. LLC. CO. Have you ever seen a company that is a B Corp? B Corp’s are benefit companies, a movement that began in 2006 in the United States of America. This movement was founded as B Lab, aimed at creating businesses that are a force for good. The first 82 businesses to become certified B Corps gained this accreditation in 2007; now, in 2024, 8,140 certified B Corps are operating worldwide. Some of your favourite brands may also hold this prestigious title. Take a quick search; you may be surprised!

To name a few, Nespresso, The Body Shop & Ben and Jerry’s are all certified B Corps. Did you know restaurants can also achieve this certification as well?

So what makes a company a B Corp?

For a company to become a B Corp, it must meet a variety of criteria, including:

• Demonstrating that it has high social and environmental performance.
  • This is measured by achieving a B Impact Assessment score of 80 or above (out of 200 points), passing a risk review, and companies at the multinational level must reach baseline requirements.
• Make a legal commitment to changing their structure to take accountability for ALL stakeholders, not just shareholders.
• Provide transparency
  • Allowing their performance information to be measured and publicly available through B Lab

The verification process is rigorous, and it takes a lot of effort on behalf of the company applying. Once certified every 3 years, all B Corps must re-certify.

What are the 5 pillars of a B Corp Impact assessment?

The 5 pillars are:

• Governance
• Workers
• Community
• The Environment
• Customers

Why buy from a B Corp?

It would be best to consider welcoming more B Corps into your life because they are held to a high standard. They are required to take care of their people, community and the environment.

Another reason is transparency!! Which is one of the critical pillars of sustainability. You can see where the company is, what documents have been provided, and decide how you feel about their efforts.

Lastly, the movement is generating more significant change. A more conscious and aware business environment that is so desperately needed.

What do you think about the movement? Do you have a favourite company with this rating?