A shout-out to our sister company, Oliver Russell, for achieving and adopting B Corp status yesterday.
What? Don't know what a B Corp, or Certified B Corporation, is?
Well, you're not alone -- much of the world is unaware of this new type of corporation, which uses the power of business to solve social and environmental issues. This isn't just a feel-good cause; B Corp companies comply with this code of operations with the belief that it delivers, and requires, profitability to the enterprise.
B Corps broaden the traditional corporate consideration focus on shareholders to a range of stakeholders including employees, communities, and environmental interests.
This isn't a passing fad -- it's a movement that's fast gaining steam. (Indeed, the Wall Street Journal covered B Corp in an article this past week.) As I write this, there are 488 B Corporations that represent 60 industries and account for nearly $2.5 billion in revenues.
Oliver Russell went through a rigorous assessment of its standards and policies in the areas of social and environmental performance, accountability, and transparency. As a B Corp, it's now required to make a a material positive impact on society and the environment, which for you number crunchers out there include enhanced operating efficiencies that flow through straight to the bottom line. And, yeah -- that does feel pretty good.
Here at Social Good Network, we intend to undertake this certification process in 2012.