B Corp Certification Seeks to Fill Need for an Organization & Process to Gain Corporate Commitment to Environmental, Social, & Governance Objectives

SITUATION:
A campaign to reform capitalism by making large companies prioritize stakeholders.
Reform could never succeed without getting large multinational corporations on board.
The principles of a B Corp upholds the priority of their stakeholder considerations.
Need for business leadership to prioritize the care of employees & supply chains.
Gaining commitment of corporations for accountability of stakeholders is objective.
This is being accomplished by companies becoming a certified B Corp.

 SIGNIFICANCE:
Companies seek insights into how B Corp values have found renewed relevance & stability.
Seeking to use business as a force for good including reform of Capitalism.
Focus takes into account  & prioritizes the needs of employees as stakeholders.
B Corp companies need to recognize combined purpose & profit considerations.
Businesses are faced systematic roadblocks to doing good.
Encompasses how companies affect every one influenced by their operation.
Joining B Corp commits company to be a force for good.

SOLUTIONS:
To be a Certified B Corp requires third party certification of a company.
Demonstrates hi standards of environment, social, & governance performance.
Sets up reform of capitalism and augments employee stakeholders.
Focus has been to get large multinational corporation to join B Corp.

5 Areas of Focus by a B Corp:
Governance
Workers
Customers
Community
Environment

Some of the Certified B Corps & Business leaders:

B Lab – Non Profit and a Leader among B Corps
BetterWorld Technology
Traction on Demand,
Danone
Natura
Laureate Education
Lenonaide
Kickstrarter
Allbirds
Casper
Bombas

Founders of B Corp:
Jay Coen Gilbert
Bart Houlahan
Andrew Kossay

STATS:
B Corp Lab has an Audit & B Impact Assessment (BIA) process.
As of 2020, 50,000 companies using BIA

SOURCES:
Stanford Social Innovation Review  (Fall 2020) –https://ssir.org/articles/entry/the_b_corp_movement_goes_big

Note: You will need to register to gain whole article

Book on How a B Corp Works:
“Better Business: How the B Corp Movement is Remaking Capitalism”
By Christopher Marcus  [Cornell, Prof of Sustainable Global Enterprise.
[Author of article in Fall 2020 Issue of Stanford Social Innovation Review]

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