Social: Cultural patterns values, beliefs, trends and conflicts in society Show
Political: Local, state national and International governments Legal: Patents, copyrights, trademarks, intellectual property, antitrust laws Geophysical: The dependency and impact of natural resources on a firm B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. In order to achieve certification, a company must:
As leaders in the movement for economic systems change, B Corps reap remarkable benefits. They build trust with consumers, communities, and suppliers; attract and retain employees; and draw mission-aligned investors. As they are required to undergo the verification process every three years in order to recertify, B Corps are by definition also focused on continuous improvement, leading to their long-term resiliency. B Corp Certification is holistic, not exclusively focused on a single social or environmental issue. And the process to achieve and maintain certification is rigorous and requires engaging teams and departments across your company. Taking company size and profile into account, verification involves documentation of your company’s business model and information about your operations, structure, and various work processes, as well as review of potential public complaints and possible site visits. Recertification confirms these standards continue to be met on an ongoing basis. Did you know that each year, B Lab releases Best for the World lists of the top-performing Certified B Corps from around the globe? Check out this year's honorees. RISK STANDARDS With input from experts and stakeholders, B Lab’s Standards Advisory Council continually evolves our risk standards to effectively evaluate the potential negative impacts of different industries, policies, and practices. At the beginning of the B Corp Certification process, companies must undergo an assessment of risk factors based on their industry and other practices. PATHWAY TO CERTIFICATION Your company’s pathway to becoming a Certified B Corporation will vary depending on a few factors. Check out our guides to learn more about the different routes to certification. Our team may recommend a different pathway once you’ve begun. Note that revenue and company size are typical criteria to guide companies to their Approach to certification. In some cases, companies might undergo a different approach based on factors, such as sector, industry, scoring, and ownership structure.
Related Entities: Are you a subsidiary, or does your company have a Subsidiary, Franchise, Division, or other affiliated entities? If so, click here in addition to your corresponding Certification Guide. While the certification process varies depending on your company’s size and complexity, all companies must do the following to become a B Corp. B Lab Global and your regional B Lab or Sistema B organization are here to help. And for more details before you get started, be sure to check out our Certification Guides above:
Acceptance into and continued participation in the B Corp community is at the sole discretion of the Standards Advisory Council and B Lab's Board of Directors. RECERTIFYING AS A B CORP To maintain certification, Certified B Corps must update their impact assessment and verify their updated score every three years, or after a Change of Control or Initial Public Offering.Are you recertifying? Click here to login to the B Impact Assessment. B Lab will not conduct a bringdown certification review outside of the standard recertification schedule in the case of an initial public offering, or any other public offering, private placement of securities or other transaction. B CORP DECLARATION OF INTERDEPENDENCE We envision a global economy that uses business as a force for good. This economy is comprised of a new type of corporation – the B Corporation – which is purpose-driven and creates benefit for all stakeholders, not just shareholders. As Certified B Corporations and leaders of this emerging economy, we believe:
FREQUENTLY ASKED QUESTIONS View FAQs here, or see our Knowledge Base for more in-depth information. What is the purpose of the firm under the shareholder theory of the firm?The purpose of the firm is to maximize shareholder value.
What is the purpose of the firm under the shareholder theory of the firm quizlet?- "The purpose of the firm is to maximize its long-term market value and money for its shareholders."
How does corporate social responsibility differ from corporate citizenship quizlet?How does corporate social responsibility (CSR) differ from corporate citizenship? Corporate citizenship means taking social actions, and CSR obligates firms to be socially responsible.
Who among the following are most likely to be considered the external stakeholders of a firm?External stakeholders are those who do not directly work with a company but are affected somehow by the actions and outcomes of the business. Suppliers, creditors, and public groups are all considered external stakeholders.
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