B Corps are trending with businesses seeking to make a positive impact on society and the environment. Although these entities have only come into existence over the past four years, B Corps are gaining momentum and credibility with the public. Certified B Corporations are leading a global movement to redefine success in business.
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B-Corps are certified by the nonprofit B Lab to meet rigorous standards of social and environmental performance, accountability, and transparency. Today, there is a growing community of more than 1,000 Certified B Corps from 33 countries and over 60 industries working together toward 1 unifying goal: to redefine success in business.
As new entities, benefit corporations will be under a significant amount of scrutiny. In addition to standard annual reporting required of all corporations, B corps will also be required to provide “benefit reports” as evidence they are adhering to their beneficial purpose. These reports must be submitted to shareholders, the Secretary of State, and published online. Directors and officers will be required to consider the impacts of their decisions not only on shareholders but also “stakeholders” to include employees, suppliers, customers, the environment, the community, and any other faction that the corporation’s purpose might affect. See more at https://www.bcorporation.net.