Article: Business as a force for good: Inside the culture of B Corps


Business as a force for good: Inside the culture of B Corps

What exactly are B Corps, and why are so many companies eager to get certified as one?
Business as a force for good: Inside the culture of B Corps

In the world of business, the bottom line dictates the tenor of culture and operational strategies.

B Corporations, however, are orchestrating a movement where profit meets purpose in a bid to transform corporate practices.

All throughout March, B Corps around the world are celebrating B Corp Month, the time of the year where they share their stories of change.

With more than 8,200 member companies across 96 countries and 162 industries, the international movement has become a formidable force in the industry. B Corps have grown in popularity because of their promotion of more inclusive workplaces, positive climate impact, and effective response to global challenges.

What exactly are B Corps? Why are so many companies eager to get certified as a B Corporation?

READ MORE | Australia leads in ESG rankings in Asia Pacific

B Corporations in a nutshell

A B Corp is a company that has successfully undergone a strict assessment of their social and environmental performance. The process, known as the B Impact Assessment (BIA), features extraordinarily high standards so that only the best of the best of organisations are recognised. Governance, Workers, Community, Environment, and Customers are just some of the key impact areas that applicants are assessed by.

For a company to be certified, they must meet certain requirements such as passing a comprehensive assessment of their impact on all of their stakeholders. B Lab, the nonprofit conducting the B Corp certification, also needs to verify their application. This step involves disclosing any controversial operations, as well as committing to a transparent and public disclosure of the company’s performance.

What sets B Corporations apart from other companies is their focus beyond profitability. These organisations prioritise the triple bottom line of People, Planet, and Profit, using their influence as businesses to help overcome social and environmental challenges.

READ MORE | Effective performance management

The growth of the B Corp movement

The B Corp movement started with the founding of B Lab in 2006 by three friends who shared the value of using business as a force for good.

At first, there were only 82 companies who submitted themselves for certification. However, as the principles of B Corps began making headlines, membership grew slowly but steadily.

Today, more than 8,000 companies have joined the ranks of the B Corp movement. This includes organisations in 96 different countries and 162 industries. They employ more than 750,000 workers.

Celebrating B Corp Month

Every March, B Corporations from across the world come together to share insights and best practices on how to become forces for good in the community. Members take part in special events, innovative collaborations, and influencer outreach. Pop-up shops are set up at venues and limited-edition products are showcased.

In the US and Canada, B Corps will gather for the Champions Retreat, a catalytic and inspirational event to be held in Vancouver.

In the UK, a pop-up B Corp bar will be set up in London, where participants can share stories with each other. The event will also serve to raise awareness in art-based activation.

READ MORE | What's next for sustainability?

In Latin America, members are scheduled to hold a celebration of culinary B Corps. This includes a wine tasting event in Argentina hosted by B Corp wineries, as well as a showcase of B Corp brands on Mercado Libre. A giant ‘B’ will also pay a visit to B Corporations across Columbia and Peru all month.

Meanwhile, B Corps in Australia and New Zealand can take part in more than 20 events and cross-promotions centred on themes like progressing the retail industry.

Clay Brown, Interim Lead Executive of B Lab Global, welcomes the gathering of certified B Corporations from around the world.

“As companies who care for people, profit, and the planet in equal parts, B Corps are leading the way on how the business sector can influence a better, bolder, brighter future,” Brown said.

“As consumers, workers, and investors, our collective influence has the power to demonstrate the demand for business as a force for good.”

Read full story

Topics: Business, #Culture

Did you find this story helpful?



How do you envision AI transforming your work?

Your opinion matters: Tell us how we're doing this quarter!

Selected Score :