What is a B Corp?
B Corporations are companies that believe in business as a force for good. In a legal sense they are formed with a broader definition of fiduciary duty than other companies. That means they exist for the benefit of a wider group of stakeholders than just their shareholders. In addition B Corps are independently certified by the non-profit organisation, B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency.
So what are we doing differently?
Core to our B Corp certification is something called the B Impact Assessment which scrutinises how we operate as a business through five lenses: our corporate governance and our impact on four stakeholder groups: our customers, our staff, the communities we work in (including our supply chain) and the environment.
At present our overall assessment score is 97/200 – so plenty of room for improvement. In 2017 we were delighted to learn that our Positive Impact Portfolios had earned us a Best for the World award – putting us in the top 10% of B Corps worldwide for product innovation. The full results of our assessment are online at bcorporation.uk
The point is not staying still. The B Impact Assessment is a tool that any business can use to improve its value to society, and we’ve now set up working groups to drive change in each of these five areas. This is about making a positive difference and engaging staff at every level of our organisation from junior administrators to our board of directors to make this happen.
We’re passionate about being a B Corp and would wholeheartedly encourage you to join us! If your company would like to be part of a growing community of like-minded businesses then the B Lab UK team are here to help; if you’d like to know more about our B Corp experience here at EQ, do feel free to drop me a line: firstname.lastname@example.org
Training & Communications Manager