Welcome… FDF Webinar: B Corp Explained 6 October 2020
A little bit about you
What is a B Corp? Co mprehensive Mission Lock A Global Impact Analysis Movement B Corps legally commit to The B Impact Assessment tool is a holistic B Corp is a global movement of considering the impact of their assessment of the whole business, businesses supporting each decisions on all their promoting the highest standards of social other to improve and drive stakeholders, not just and environmental performance global change shareholders. 3
Why do companies certify? Improve impact, resilience & Global community performance Access to shared ideas and Help set goals for improvement and track practices through a vibrant performance over time; leading to greater community of like-minded resilience and higher performance businesses . Join a movement Protect mission Be part of something bigger, The B Corp legal framework help to drive change and helps protect a business’ redefine the role of business mission through leadership Amplify voice Attract talent changes Appeal to employees who are The credibility associated with increasingly looking for certification helps B Corps stand purpose at work ; engage them out from the crowd around a shared vision 4
The Winds Why responsible business and B Corps are so relevant of Change now
Global landscape for business is changing Currently ‘way off track’ to Rapidly worsening social and Increasing levels of citizen and limit global warming to 1.5C economic inequality employee activism Investors increasingly Greater expectations of Decline of shareholder primacy recognising ESG performance business
A steep rise in the businesses certifying 3500+ in over 71 countries 400+ in the UK
Just some of the 3500+ companies who are certified
The Certification Process James Ghaffari Director of B Corp Certification, B Lab UK 9
A historic global is underway to harness the power culture of business to help address society’s greatest challenges and shift to build a more inclusive economy.
B Lab UK Poll 2020 va 72% 76% 76% believe that believe capitalism believe business isn’t working well or business should have a have a legal is harmful to the UK responsibility to responsibility to the economy. protect the natural planet and people, environment. alongside maximising profits.
20th Century 21st Century Shareholder Stakeholder Value Value
Certified B Corporations meet high standards of verified social and environmental performance. They are legally committed to consider the impact of their decisions on all their stakeholders, not just shareholders.
Building the B Economy 3,500+ CERTIFIED B CORPS 65 COUNTRIES 150 1 INDUSTRIES UNIFYING GOAL
The B Corp Community Duplication?
B Corps and MNCs Parent Companies Subsidiaries that are Certified B Corps
How to become a Certified B Corp Pass the Make the assessment legal change B Corps must achieve a verified B Corps amend their articles of score of at least 80 points on the B association committing to consider Impact Assessment. The BIA the impact of their decisions not assesses the impact of an entire just on shareholders but all company. stakeholders.
What is the B Impact Assessment?
What questions are asked? PRACTICES QUANTITATIVE INDICATORS
What questions are asked? DIRECTIVES/RULES EFFECTS/OUTCOMES
Key Components Focuses on proactive management and positive impact Comprehensive & Positive Considers all stakeholders and all aspects of the business. Standardized & Adaptive Dozens of tracks developed according to sector and size. The questions are: Objective & Dynamic ● Verifiable ● Stakeholder-oriented ● Independently governed Updated every three years V6 published in January 2019 Intentionally difficult and challenging. Inspiring & Educational Improvement tools and good practice guides.
How to become a Certified B Corp 1 3 2 4 5 Pass the Pay the Meet the legal Make your Get Verified performance test certification fee requirement status official Score 80+ on the B Impact Complete your Sign the Term Sheet and Depending on annual Amend your company’s Assessment and complete Standards B Corp declaration of revenue, the constitution to reflect Disclosure Questionnaire to verification. interdependence to show certification fee stakeholder objectives – submit. your commitment ranges from £500 to checkout the online legal £50,000+ tool for requirements in your country
Demystifying the legal change 5 What is the Legal Test? Commitment to the triple bottom line Uses Companies Act Article 172 as legal basis to ensure a B Corp enshrines commitment to: - creating a material positive impact on society and the environment through its business and operations - considering ‘ stakeholder interests’ – including shareholders, employees, suppliers, society and the environment
hello Roz Davis Head of Sustainability & Nutrition
Why B Corp for innocent and What impact has it had in our business
Why B Corp for innocent
innocent has always believed you can do business in a different way help the world’s hungry But since we set our purpose, a lot has changed…
Our world is in crisis, and as a food business, we feel that impact every day
Opportunity for leadership we are the first generation of leaders that can’t say we didn’t know and the last generation of leaders that can do anything about it
Opportunity for innovation aka think about things differently Source: Volans
Opportunity for impact through collaboration
So, in 2018 we joined the global movement and became a certified B Corp Our overarching driver? to join with like-minded businesses to be faster and louder on inspiring wider change
We had other drivers for becoming a B Corp Challenge ourselves to be an A natural extension of our even better business DNA Credibility that what we say Internal talent & we do, we actually do engagement
We liked the fact that B Corp challenged every area of our business
B Corp fits with what we have always believed – business has to show the way Profit The traditional view of business People Capitalism Planet V1.0 Profit People Planet Business as a force for good
There is a relevance for our drinkers, as B Corp taps into a key consumer trend Good Products Good Companies “90% say that companies must not “73% of consumers care about the only say a product or service is company, not just the product beneficial, but they need to prove it.” when making a purchasing decision.”
What impact has it had in our business
We’ve had more positive impact being part of a like -minded community
It’s helped us to think about our impact more in the round
It’s enabled everyone in the business to get involved in force for good…
…which has helped engagement and also provided opportunities for people to stretch and grow
It’s helped us set out a roadmap of where we can continuously improve
And frankly, it’s made us braver as a business
What legacy do we choose to leave in business? The nursing home test
when
Your questions Sally McCombie sally@mccombieconsulting.co.uk B Lab: certification@bcorporation.uk innocent: rozanne.davis@innocentdrinks.co.uk 48
Thank you for attending To find out more about what FDF membership can offer you email us at Members.Enquiries@fdf.org.uk https://www.fdf.org.uk/whyjoinfdf.aspx 6 October 2020
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