The Power of Purpose and Benefits of B Corp
A 5-Part Blog Series. You've reached the final blog in our series. If you're ready to take the next step and pursue B Corp certification, let's explore what the process entails.
B Corp certification is awarded by B Lab, a non-profit organisation dedicated to making business a force for good.
The certification process consists of five steps:
Assess your company's impact: Start with the B Impact Assessment (BIA), a tool developed by B Lab. This assessment evaluates five key areas: governance and ethics, worker benefits and engagement, customers and business practices, community involvement and environmental practices. To be eligible for B Corp certification, you need to score at least 80 out of 200 points.
Address the legal side: Meet specific legal accountability standards that make your commitments to purpose and stakeholder interests legally binding. Depending on your location, you may need to amend your governance documents and register as a Benefit Corporation.
Sign the B Corp Declaration of Interdependence: Once you meet the performance and legal requirements, you affirm your commitment to considering the impact of your decisions on all stakeholders and become part of the global B Corp movement.
Pay the certification fee: B Corps pay an annual fee based on their revenues. This fee covers resources, support and the ongoing verification of B Corp standards to maintain the integrity of the certification process.
Recertification: Every three years, you'll need to update your BIA to demonstrate ongoing compliance with B Corp standards and progress toward your social and environmental goals.
B Corp certification is rigorous but worthwhile. It demonstrates your commitment to social and environmental responsibility, earns the trust of customers, investors, and stakeholders, and positions your company as a leader in redefining the role of business.
It is a journey that requires dedication, courage, and resilience, but it is one that will undoubtedly lead to a more prosperous, equitable and resilient future for all.
If you're interested in B Corp benefits, the certification process, or purpose-driven business models, contact the actus Consulting team at 020 8133 1845 or partners@actus.consulting.
We have extensive experience in building stakeholder governance into businesses and are ready to guide you on this transformative journey.