In February I attended a sold-out B Corp event in Bristol hosted by the Future Economy Network. The room buzzed with good energy and was packed full of businesswomen and men intent on using ‘business as a force for good’.
This evening was part of a global movement happening within business; the rise in numbers and status of B Corp is part of that.
But what is B Corp? Why is it such a good thing? What issues does it solve? And, most importantly, how do you become one?
As Triodos so eloquently put it in 2018 – “B Corp is to business what Fairtrade is to coffee”. B Corps are recognised for their commitment to doing business differently; not only there to create profit, a B Corp also balances social and environmental impact.
A B Corp has voluntarily been through the rigorous Business Impact Assessment (BIA) – a unique tool developed by B Lab. This process requires a business to report on five key areas: governance, workers, community, environment and customers.
Scores are then independently verified by the non-profit B Lab UK before certification is granted.
There are currently over 2500 globally in 50 different countries. In the UK the movement launched in 2015 with 62 founding members (of which TYF is proudly one). There are currently 166 fully certified B Corps in the UK.
Piqued your interest yet?
A few of the top reasons to become a B Corp:
The B Corp certification is part of a growing movement that recognises the responsibility of businesses to work towards environmental and social balance.
The BIA offers a road-map that enables businesses to remain profitable while making fundamental and lasting changes that benefit themselves and the wider community.
Going through the B Corp process answers questions like:
What kind of legal structure can we adopt that supports our care for staff and customers?
– B Corps are required to alter their governance to ensure people, profit and planet are equally cared for.
How do we incorporate all stakeholders (including the environment and communities we’re part of) into our business calculations?
– Questions in your BIA guide thinking and enable you to put your environmental policy to the test with this external piece of consultancy.
How do we source investment from funds specifically for ethical or ‘green’ initiatives?
– Triodos and other ethical investment funds recognise B Corp status as an important indicator of a viable and ethical opportunity.
Do you know this works and who’s done it already?
With organisations like The Guardian, The Body Shop, Patagonia, Triodos and TYF paving the way it’s becoming a global movement set to define the future of business.
Becoming a B Corp involves successfully completing their Business Impact Assessment (BIA) and having your score verified by BLab UK. Businesses are required to gather documentation that supports the claims they’re making.
You also need to meet the legal accountability requirement for B Corp certification. This means that within the governing documents of the business is states that profit is balanced with social and environmental impact. It’s also a requirement that board members acknowledge the expanded range of ‘stakeholder’ interests to include employees, suppliers, the wider society and the environment.
Once these boxes are ticked there is a small fee to pay and a ‘Declaration of Interdependence’ to sign.
As one of the UK’s founding B Corps (initially certified in 2015) TYF lives and breathes all things B Corp and is well versed in the BIA. We have experienced consultants that are extremely knowledgable on all things B Corp.
Starting in April 2020 TYF will be looking for a small cohort of UK based businesses to support in their successful journey through the BIA.
If you’re interested in becoming part of the B Corp movement then we’d love to hear from you.
Reach out to Sam at (sam.c@tyf.com) who will be able to answer any questions you might have and to signpost you in the right direction for your next step.