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Benefit Corporations are required to:
1) Purpose: have a corporate purpose to create a material positive impact on society and the environment;
2) Accountability: expand fiduciary duty to require consideration of the interests of workers, community and the environment; and
3) Transparency: publicly report annually on overall social and environmental performance against a comprehensive, credible, independent, and transparent third party standard.
And one more thing...
What is a B Corporation
Who Sets the Standard?
- Who
- What
- Procedure
Who We Are
non profit dedicated to use power of business as a force of good
business community and infrastructure to redefine businesses
empower people
problems include a lack of standards
empower these inspiring entrepreneurs and the movement of individual consumers, investors, workers, and citizens who support them.
What We Do
B Lab drives systemic change through three interrelated initiatives:
- Building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and just good marketing
- Accelerating the growth of the impact investing asset class through use of B Lab’s GIIRS Ratings & Analytics by institutional investors
- Promoting legislation creating a new corporate form that meets higher standards of purpose, accountability and transparency.
B Corp Certification
- Minimum score of 80 (out of 200) on the B Impact Assessment.
- Adopt the B Corporation Legal Framework
- Sign a Term Sheet and Declaration of Interdependence
20% of B Corporations are randomly selected for an on-site review during every two-year term.
Who Is Involved?
- Evaluators
- Accreditors
- No Consultants