If you have been following us, you probably know that we received a B Corporation Certificate last October. On our second post (read it here) we wrote about how PROUD we were to be a part of the B Corp community and how using business as a force of good is important to us, however not everyone is immersed in this world and sometimes they don’t really know what it means to be a B Corporation. What better way to learn what exactly what it entails than from B Lab’s co-founder, Andrew Kassoy?
Back in March, fastcompany.com published a Q+A with Andrew asking him all the details behind the B Lab and the difference between B Corporations and benefit corporations. Here is a recap of the interview.
“What’s the difference between a B Corporation and a benefit corporation?
That’s a good place to start. The two are often confused. They share much in common but have a couple of important differences. Certified B Corp is a certificate conferred by the non-profit B Lab where I work. Essentially it’s a judgment by a private party – B Lab – that a company has achieved high levels of social and environmental performance, accountability, and transparency. Benefit Corporation is a legal status – like a C Corp or S Corp or LLC or partnership – conferred by a state.
Does the certification differ by country, both in what qualifies a company to earn it and hos it is perceived in the marketplace (i.e. USA vs Canada specifically)?
Certified B Corporations throughout the world are all required to meet higher standards of social and environmental performance and consider their stakeholders, as well as shareholders. What is different is the assessment used to evaluate whether a company has met those performances standards. The B Impact Assessment is customized by location, size, and industry to best fit each company’s needs.
Globally, the certification is considered the gold standard for sustainable businesses and social enterprises. Today the community of Certified B Corporations can be found in 32 countries, including Afghanistan, South Korea, Kenya, Brazil, and Australia. In Canada specifically, there is an engaged and active community of over 100 B Corps, including Genuine Health, the Ian Martin Group and Bullfrog Power. You can learn more about our international community and partners here. “
For the full interview go here. You can also read more on the discussion with Andrew Kassoy here. If you have any other questions regarding B Corps and B Lab, check out this live Twitter chat on 6/10.