what is a B Corp
Certified B Companies – or B Corp – are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment. It is a community of leaders, driving of a global movement of people using businesses as a force for good.
B Corps are companies verified by the international third body B Lab to meet the highest standards of social and environmental performance, transparency, and accountability. B Corp is a private certification of for-profit companies which want to be transparent to the public and concretely integrate sustainability into their business.
how to become a B Corp?
To become a B Corp, a company has to demonstrate its social and environmental performances by completing a free online test called B Impact Assessment (or BIA). The test is divided into 5 sections, that evaluates a company’s practices and outputs about governance, workers, community, environment, and customers. If the score of the BIA is of 80 or above, the company can officially apply to become a B Corp.
The second step to become a B Corp is to meet the legal requirements requested by changing the corporate governance structure of the company to be accountable to all stakeholders. In Albania, companies are not required to change their constitution as a condition to the certification. The company shall also show its transparency by publishing their performances, updating their BIA and verifying their updated score every three years.
why to become a B Corp?
The current socio-economic context appreciates business models that are also attentive to social and environmental commitment: these are prerogatives that companies can no longer avoid. The B Corp certification actually helps companies to position themselves with a clear reputational advantage in the market, compared to their competitors.
Compared to other international certifications, B Corp has the power to measure a company’s social and environmental performance in a holistic way. It is globally recognized, with more than 8000 companies in the world which already gained the B Corp certification: a movement that is constantly and regularly expanding
