A Guide to Becoming a UK-Certified B Corporation
What is a Certified B Corp?
Corporate social responsibility (CSR) has recently become an important aspect of businesses worldwide. Companies have realised the importance of making a positive impact and contributing to the betterment of society through sustainable business practices.
This leads us to B Corporations or B Corps - a rapidly growing movement of companies committed to balancing profit and purpose.
B Corp certification is now considered the highest standard of social and environmental performance. Let’s delve into a step-by-step guide to becoming a UK-certified B Corp.
B Corp Explained
Before making the decision to become a B Corp, it is crucial to gain an understanding of what a B Corp entails and what it stands for.
Familiarise yourself with the principles and values that define B Corps, including their commitment to social and environmental responsibility, transparency, and accountability.
By diving deeper into the B Corp model, you'll gain the knowledge and insight needed to make an informed and impactful choice for your business.
In simple terms, a B Corp is a for-profit company that is legally bound to work towards the betterment of society.
They must meet strict performance standards in areas such as:
governance
transparency
social and environmental impact
legal accountability
Meeting B Corp Standards
B Impact Assessment
The next step is to evaluate your business based on the B Impact Assessment (BIA), which is a questionnaire assessing the company's sustainability, transparency, accountability, and social and overall environmental impact.
The assessment results provide companies with a score out of 200, which is the minimum threshold required to become a B Corp. Use your results to identify areas of improvement and create an action plan to improve these.
Change Your Articles of Association
A company must make changes to its legal structure to become a B Corp. The amendments are to ensure that the company puts equal consideration on people, the planet, and profits.
This change means that the company's existing Articles of Association need to be revised, and a new one must be drafted. The new Articles align with the company's values and principles to work towards a shared goal of making a positive impact on society.
Complete The B Corp Certification Process
Once a company has achieved a score of 80 points on the BIA, it can begin the certification process. The company must complete the B Impact Assessment and submit supporting evidence of its compliance with transparency, environmental, and social performance standards.
The application fee is based on the company's annual revenue, and the certification must be renewed every three years. After submitting the application, B Labs reviews the materials, and if the company meets the requirements, it is awarded B Corp certification.
Join The B Corp Community
After becoming a certified B Corp, companies become part of a community of like-minded individuals working towards the same goal.
By joining the B Corp community, companies have access to exclusive networking events, webinars, and tools to help continue evolving their sustainable business strategies.
The B Corp community is committed to shared values and principles and provides members with a platform to collaborate, share resources, and ideas and celebrate achievements.
Conclusion
In conclusion, becoming a UK-certified B Corp is more than just incorporating sustainable business practices into your company. It's about leading the way in balancing business profitability with purpose.
A B Corp certification is a testament to a company's strong commitment to being socially and environmentally responsible. Becoming a B Corp is a rigorous and lengthy process, but the benefits are immense.
By becoming a B Corp, companies can stand out from competitors, attract and retain stakeholders with shared values, and make a positive impact on society.