There is an urgent need in the world, and particularly in countries like South Africa, for a new approach to business. An approach that moves from “profit for me” to “value for collective growth”.
In the USA, certified B Corporations are a new type of corporation which uses the power of business to solve social and environmental problems B Corps, unlike traditional businesses:
- Meet comprehensive and transparent social and environmental performance standards
- Meet higher legal accountability standards
- Build business constituency for public policies that support sustainable business.
In the US, there are now over 500 Certified B Corporations across 60 different industries. From food and apparel to attorneys and office supplies, B Corporations are a diverse community with one unifying goal: to redefine success in business. Through a company’s public B Impact Report, anyone can access performance data about the social and environmental practices that stand behind their products.
Governments and nonprofits are necessary but insufficient to solve today’s most pressing problems. Business is the most powerful force on the planet and can be a positive instrument for change. 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 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.
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 To address these issues, B Corporations’ legal structure expands corporate accountability so they are required to make decisions that are good for society, not just their shareholders. B Corporations’ performance standards enable consumers to support businesses that align with their values, investors to drive capital to higher impact investments, and governments and multinational corporations to implement sustainable procurement policies. And that’s the change South Africa needs.
See http://bcorporation.net for more.