25 Apr 2023

What is a B-Corp?

March was B-Corp month and we had a fab time getting out and about to events meeting some fabulous ones. But with all our banging on about social enterprises we realised we’d missed talking about what makes B-Corps so great.

A B Corp, also known as a Benefit Corporation, is a type of for-profit corporation that is legally required to meet certain standards of social and environmental performance, accountability, and transparency. The goal of a B Corp is to balance profit with purpose, and to use business as a force for good.

B Corps are certified by the nonprofit organisation B Lab, which evaluates companies based on their impact on workers, communities, customers, and the environment. To become a B Corp, a company must meet strict standards of social and environmental performance, and must legally commit to consider the interests of all stakeholders, not just shareholders.

B Corps operate like any other for-profit corporation, but with a heightened focus on social and environmental impact. They are required to meet rigorous standards of performance, and are held accountable by B Lab through a regular certification process. This often includes Environmental, Social and Governance goals.

What makes B Corps different from traditional corporations is their focus on purpose and accountability. They prioritise social and environmental impact over solely maximizing profits for shareholders. They are committed to using business as a force for good, and to considering the interests of all stakeholders in their decision-making process. B Corps are also transparent about their impact, regularly reporting on their social and environmental performance.

Do you know any great B Corps we should be shouting about? Let us know!