Positive results and market pressure mean that more and more corporations want to position themselves as sustainable, which in turn makes it more important to have tools to help separate those who are sustainable from those who are not.
Being a company that makes a positive social impact is a rising value, so it is increasingly difficult to differentiate those who are doing things right. That is why B Corp certification allows consumers to identify those companies that are building a more inclusive and sustainable economy.
Every year almost twice as much of the planet's available resources are consumed. The model is increasingly unsustainable and, given that 85% of the world's economic activity is in the hands of businesses, companies must play a decisive role in changing things.
This is something that B Corp companies like Ganni, Another Tomorrow and Mud Jeans take into consideration, promoting a new business model that balances economic profit with the preservation of the wellbeing of people, humanity and the planet. This is how the proposed law on companies with purpose was born.
Companies with purpose are part of the solution in a world in which much more work is needed for the common good. Being a B Corp company says a lot about how things are done and how corporate strategy is structured. Behind this movement is B Lab, a non-profit organisation that creates standards, policies and tools for companies seeking systemic change and verifies their social and environmental performance.
Therefore, the promises of B Corp companies are not simply marketing arguments or communication claims; they are deeds and actions with a positive impact on society and the planet. Director of Corporate Affairs at Danone, Laia Mas, another of the companies that are part of this movement, says that the company has the opportunity to drive a transformative vision of the economy.
These companies are organisations of all sizes - fighting for something better is not exclusive to SMEs or large multinationals - that generate a positive environmental and social impact, and that help to transform the economy and the current system to make it more sustainable and respectful of nature and people.
And, although what drives purpose-driven companies is not profit, but the common good, the truth is that this type of organisation also achieves better financial results: B Corp companies improve their annual financial results by an average of 30%.
B Corp Shares Draft of New Standards
After two years of development, B Lab has presented its first draft version for B Corp Certification requirements for a preliminary consultation. Moving away from the previous approach where businesses had to achieve an 80-point score in the B Impact Assessment across a range of criteria, all certified B Corp brands will now have to meet requirements on 10 specific topics that define leadership on social, governance, and environmental business impact.
The first draft of the new B Corp standards is open to review during a consultation period from 26 September - 15 November, 2022. After further rounds of consultation have been carried out, B Lab expects to launch and implement the new standards in a phased approach that will extend to different groups of B Corps beginning in 2024.