Hub Australia is proud to be a Certified B Corporation – a for-profit business that meets the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
But what exactly is a B Corp certification, why is it important – and how can businesses apply for one? Read on to learn all you need to know about Certified B Corporations.
What is B Corp?
Certified B Corporations (or B Corps) are companies that B Lab has verified to meet high standards of social and environmental performance, transparency and accountability. The ‘B’ in ‘B Corp’ stands for ‘benefit for all’.
Balancing profit and purpose, B Corps are committed to transforming the global economy to benefit all people and the planet.
Currently, there are over 7,300 B Corp businesses across 161 industries and 92 countries – employing almost 630,000 people in total. And the best part? B Corps come in different shapes and sizes, from big international brands such as Patagonia and Ben & Jerry’s to small-to-medium sized local businesses. This makes it possible for most organisations to bring impact into not just the way they do business, but why they do business.
What does it mean to be a Certified B Corp?
When an organisation achieves B Corp status, it means the business has verified its high social and environmental performance by completing the rigorous certification process and standards.
And, as organisations need to recertify every three years, they need to have a roadmap for continuous improvement so they can meet B Lab’s evolving standards.
Importantly, B Corps need to show a tangible commitment to balance purpose and profit – by adopting a legal framework to ensure accountability to all stakeholders, not just shareholders.
How does a company achieve B Corp status?
To become a B Corp, the first step you need to take is to complete the B Impact Assessment (BIA).
The BIA assesses a company’s performance across five impact areas:
- Governance: Commitment to purpose, ethics, accountability and transparency
- Workers: High quality jobs with dignity and purpose
- Community: Reduced inequality through local economic development and fair trade supply chain
- Customers: Long-term, values-aligned relationships; and products and services that serve and empower people in need
- Environment: Healthier land, air, water and habitat
Companies must meet a minimum 80 points out of 200 verified in the BIA to achieve the B Corp certification. The assessment aims to understand and capture the impact of a business on all of its stakeholders, including its workers, suppliers, community, and the environment. And it looks at best practices regarding an organisation’s mission, measurement, and governance.
To maintain the B Corp status, organisations need to recertify every three years.
Why join the B Corp movement?
Different companies become B Corps for different reasons, but here are some of the benefits of getting a B Corp certification:
Align your values
By undertaking the B Corp certification process, you’re able to formalise and publicly demonstrate your commitment to run a better business – and solidify that in your company culture.
Improve impact
The B Impact Assessment is an effective tool to help your company set targets for improvement, create more positive social and environmental impact, and effectively track performance over time.
Join the B Corp community
Once your company certifies as a B Corp, you’ll be part of a global network of businesses that share your vision and values – allowing you to work together to make a difference in the world.
Attract and retain talent
Increasingly, people are looking to work for purpose-driven companies that treat their employees well. By verifying your values with a B Corp certification, you’ll be better positioned to attract and engage with talent who are aligned with your mission.
Lead the movement
By becoming a B Corp, you can help set the gold standard for good business. And, together with your fellow Certified B Corporations, you can inspire other organisations to make a positive impact in the world around us.
Certified B Corporations in Australia
While B Lab is the global, non-profit organisation behind B Corp Certification, B Lab Australia and Aotearoa New Zealand supports the culture and practice of business in our region.
More than 650 B Corps are based in Australia and Aotearoa New Zealand, and these include Hub Australia, Pangolin Associates, FutureBrand Australia, Australian Ethical Investment, Future Super, Taylor & Grace, Reho Travel, Fox & Hare, and Luminary.
As a Certified B Corporation since 2013, Hub aims to deepen its impact as a B Corp and support our members to do the same. If you’re seeking to work with B Corps who share your values, we’re here to provide workspace experiences that have a positive impact on people and the planet.
Get in touch for more information about our ESG commitments, or explore Hub’s impact initiatives.
