Certified B Corporation
(B Corp) Hub
What are B Corps?
Certified B Corporations are a new type of corporation which uses the power of business to solve social and environmental problems.
B Lab, a nonprofit organization, certifies B Corporations, the same way TransFair certifies Fair Trade coffee or USGBC certifies LEED buildings. However, all B Corps meet a wide range of comprehensive and transparent social and environmental performance standards.
There are over 780 Certified B Corporations in 25 countries across 60 different industries. Nationwide, Canada now boasts +75 B Corps in 6 provinces with the newest addition from Nova Scotia! B Corporations are a diverse community with one unifying goal: to redefine success in business.
Why are they important?
With the size and complexity of many of today’s most pressing problems, Governments and the community sector have a difficult time overcoming the challenges we face. There is a need to look at new and innovative ways of tackling social and environmental problems, and there exists an opportunity to find such solutions within the private sector. Business is one of the most powerful forces on the planet, capable of mobilizing hundreds of millions of people and hundreds of trillions of dollars. Around the globe, business is starting to emerge as a candidate that could revolutionize the way that impact work is done.
B Corporations address two critical problems:
- Current corporate law makes it difficult for businesses to take employee, community, and environmental interests into consideration when making decisions
- The lack of transparent standards makes it difficult to tell the difference between a ‘good company’ and just good marketing
The vision is simple yet ambitious: to create a new sector of the economy which uses the power of business to solve social and environmental problems. This sector will be comprised of a new type of corporation – the B Corporation – that meets rigorous and independent standards of social and environmental performance, accountability, and transparency. As a result, individuals will have greater economic opportunity, society will move closer to achieving a positive environmental footprint, more people will be employed in great places to work, and we will have built stronger communities at home and across the world.
How are they measured?
B Corporations are measured using the B Impact Assessment. The assessment looks at a corporation’s performance with regards to such areas as environment, community, employees, governance, accountability, etc. The assessment is tailored to the size and nature of the organization taking the assessment. After completing the assessment, an easy-to-read report is generated. Through a company’s public B Impact Report, anyone can access performance data about the social and environmental practices that stand behind their products. A corporation needs to achieve a combined score of 80 / 200 in order to become B-Corp Certified. The B Impact Assessment is free for anyone to use, and is in version 3.0 (versions are updated every 2 years).
Who certifies B Corporations ?
B Corporations are certified by B Lab, a non-profit organization dedicated to using the power of business to address the world’s most pressing challenges. B Lab is building a business community and the market infrastructure necessary to create a new sector of the economy that will redefine success in business. MaRS CII has a unique partnership with B Lab acting as the Canadian B Corp Hub.
Become a B-Corp
Contact Joyce Sou, Manager B-Corps, MaRS Centre for Impact Investing, firstname.lastname@example.org
Learn more about B Labs.