These days, sustainability is a big deal. Everyone from employees to consumers to investors want the companies they associate with to be sustainable. And because of the rise of greenwashing – i.e., false sustainability claims – stakeholders expect that sustainability claims be backed up by concrete actions and audited corporate sustainability reports. Another way for companies to demonstrate their commitment to sustainability and the environment is by becoming a B Corp. In this article, we’ll explore what a B Corp is and the difference between a B Corp and a Benefit Corporation.
This is the first article in a series. Stay tuned for articles on the benefits of becoming a B Corp, how to get B Corp certification, and more!
When a business is B Corp certified, it means that it is meeting high standards of performance, accountability, and transparency on social and environmental issues such as charitable contributions, supply chain practices, and input materials. Despite the name, a B Corp does not need to be a corporation. A B Corp may be a limited liability company, partnership, sole proprietorship, etc.
A benefit corporation (also known as a public benefit corporation or a social purpose corporation) is a specific type of legal entity that imposes legal requirements on the corporation and its directors. In contrast, a B Corp is a third-party certification, similar to an organic or LEED certification that is awarded by B Lab (a nonprofit organization) to any eligible company that pays the applicable membership fee.
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These days, sustainability is a big deal. Everyone from employees to consumers to investors want the companies they associate with to be sustainable. And because of the rise of greenwashing – i.e., false sustainability claims – stakeholders expect that sustainability claims be backed up by concrete actions and audited corporate sustainability reports. Another way for companies to demonstrate their commitment to sustainability and the environment is by becoming a B Corp. In this article, we’ll explore what a B Corp is and the difference between a B Corp and a Benefit Corporation.
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