In today's business landscape, making a positive impact extends far beyond profitability. Many companies are embracing initiatives like B Corp and ESG (Environmental, Social, Governance) to integrate social and environmental responsibility into their core strategies. In this article, we will delve into the world of B Corps, offering insights into what they are, why they matter, and how your business can become a part of this transformative movement.
B Corps, or Benefit Corporations, represent a new kind of business entity that prioritises benefits for all people, communities, and the planet. These companies are committed to making a positive impact in addition to generating profits. To better understand B Corps, the video below is a great place to start.
So, who decides if an organisation gets to claim B Corp status? The certification process is overseen by B Lab, the not-for-profit network transforming the global economy to benefit all people, communities, and the planet. Becoming a certified B Corp is a rigorous journey, involving a commitment to social and environmental impact. It requires demonstrating this commitment through an audit conducted by B Corp consultants. It's a process that demands dedication and effort from business leaders.
BlueRock, a pioneering professional services firm, became the first certified professional services B Corp in 2017. For BlueRock, it was the right thing to do, a move from sporadic giving to strategic giving, and a commitment to improving their impact and ethical operations through the recertification process, which occurs every three years.
The B Corp Impact Assessment evaluates companies across five key ESG pillars:
B Lab recommends focusing on areas of strength to pass the 80-point (out of 200) certification threshold. Beyond certification, the assessment provides a roadmap to continuous improvement. BlueRock achieved high scores in the Workers and Community pillars during the B Corp assessment. Here are some areas where BlueRock excelled:
"ESG" and "B Corp" aren’t just buzzwords. They represent a significant shift towards responsible and ethical business practices. BlueRock is a shining example of how businesses can use their influence to make a positive impact. By becoming a B Corp, or formalising a corporate giving strategy, your company can join this transformative movement, contributing to a better world for all. Get in touch with our philanthropy consultants to learn more about which pathway best suits your business.