B-Lab guides companies to demonstrate the best social and environmental performance. Companies that want to become B-Corp using the B-Lab guide should set the principle of transparency in their corporate communication and governance policies. The corporate responsibility principles of the companies will be accepted as reliable by society.
With the certification program, companies prove that they meet the transparency standards. It is being created to rebuild the economic system. B-Lab sets standards, regulate legislation, and develops tools and programs to change capitalism's culture, behavior, and structural foundations. B-Corp brings the community together to take collective action to address its most formidable challenges.
B-Lab aims to positively impact businesses worldwide by using the power of business to help companies with their profit motive. They aim to establish a new system that transforms the global economy from a model favored by an elite few to one that benefits everyone.
Why Do Companies Want to Become B-Corp Members?
It is thought that being known as a B-Corp standard company has much importance for companies. It is getting increasingly difficult to ensure the satisfaction of both company shareholders and stakeholders. With the increase in company visibility and business connections, the satisfaction rate of employees and shareholders will also increase. B-corp is an indispensable index to show that it is more sensitive to the environment and society.
Companies that do not breathe new life into profit maximization will not exist in the future. That's why thousands of companies, from fashion to finance, have started to dedicate themselves to being accessible and sustainable, from their relationship with their employees to their environmental awareness. By obtaining the B-Corp certificate, companies prove to their stakeholders and shareholders that they are sustainable. B-Corp also complies with indices such as the United Nations Sustainable Development Goals or the European Union Green Consensus. In addition to having a particular criterion in the United States, a step will be taken to reach investors in Europe and Asia.
As B-Corp, companies will be taking firm steps towards sustainable development. As the pioneer of social change, they reinforce their visibility and corporate reputation. For this reason, companies that wanted to be operated without a profit motive entered the race to obtain the B-Lab / B-Corp certificate of American origin. Another goal to be achieved by the platform is to reveal how good the companies that hide behind the concept of sound business actually are. This is why the platform, which wants to prevent companies from being shown as a correct and beneficial enterprises with good marketing, is very careful in the certification process. If companies are successful, they are expected to be appreciated and evaluated.
As a result, businesses are expected to have a more sustainable understanding day by day due to both legal regulations and cultural expectations. By increasing their sustainability rates, companies will also ensure shareholder and stakeholder satisfaction.
Author:
Buğçe Ağca
Source:
https://hbr.org/2016/06/why-companies-are-becoming-b-corporations
https://www.bcorporation.net/en-us/about-b-corps/legal-requirements
https://www.reuters.com/article/us-global-business-social-idUSKCN20K2H1
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