What is a B Corporation?
A B Corporation, or Benefit Corporation, is a type of for-profit company that is committed to meeting rigorous standards of social and environmental performance, accountability, and transparency. Unlike traditional corporations, B Corporations are legally required to consider the impact of their decisions not only on shareholders but also on the well-being of workers, communities, and the environment.
Key characteristics of B Corporations include:
Mission and Purpose: B Corporations are required to have a defined social and/or environmental mission that is integrated into the company's governing documents.
Triple Bottom Line: B Corporations focus on the triple bottom line, considering social, environmental, and financial performance equally. This approach is often referred to as the "people, planet, profit" framework.
Accountability and Transparency: B Corporations commit to high levels of transparency and accountability. They are required to publish regular reports assessing their social and environmental performance.
Independent Certification: To become a B Corporation, a company must undergo a rigorous assessment conducted by the nonprofit organization B Lab. This assessment evaluates a company's impact on its workers, customers, community, and environment. If a company meets the required standards, it can become a certified B Corporation.
Legal Structure: In some jurisdictions, B Corporations have a legal structure that protects their mission and commitment to social and environmental responsibility. This legal structure varies by location and may include legal provisions that allow directors and officers to consider non-financial interests in decision-making.
Eagle Protect a B Corporation aims to balance profit-making with a positive impact on society and the environment. The certification process and ongoing assessments ensure that companies like Eagle Protect remain true to their social and environmental commitments.
B Corporations are part of a growing movement to use business as a force for good and to redefine success in the business world beyond just financial metrics.