What is a B Corp?
Chances are that if you're already on this page you probably know exactly what a B Corp is, and what it does. But just in case you don't - a B Corp, or a benefit corporation, is a type of for-profit business entity that is legally required to consider the impact of its decisions on not only its shareholders but also on society and the environment.
B Corps are similar to traditional businesses in that they can raise capital, make a profit, and pay taxes, but they are also required to meet certain standards of social and environmental performance, accountability, and transparency. At present there are over 6,000 registered B Corps across 88 countries, within 159 industries.
B Corps are certified by a non-profit organisation called B Lab, which assesses the company on a variety of performance areas, including governance, workers, community, and environment. The certification process involves a detailed assessment of a company's operations and a review of its legal structure, in order to ensure that the company is fully committed to creating a positive impact on society and the environment.
One of the key differences between B Corps and traditional businesses is that B Corps are required to balance the interests of all stakeholders, rather than just the shareholders. This means that B Corps are encouraged to consider the impact of their decisions on workers, suppliers, the community, and the environment, as well as on shareholders.