Benefit Corporation (B Corps)
B Corporation certification recognizes new types of corporations, LLC’s, partnerships and sole proprietorships that use the power of business to solve social and environmental problems. B Lab, a nonprofit organization, certifies B Corporations the same way TransFair certifies Fair Trade coffee or USGBC certifies LEED buildings. Technically once approved, institutions adjust their bylaws to incorporate established B-Corp language:
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.
There are over 500 Certified B Corporations across 60 different industries. From food and apparel for you and your family to attorneys and office supplies for your business, B Corporations are a diverse community with one unifying goal: to redefine success in business.
ULE 880 is a manufacturer standard for sustainability that features a rigorous 1000-point scoring system and looks comprehensively across company governance and relationships between suppliers, customers, employees, and the environment. The prerequisites approach resembles LEED rating systems, and should feel familiar to those who have worked with green building certification. ULE 881 standard is said to be underway for the services sector.
GreenSeal is known for establishing product standards, but it also has a standard for product manufacturers themselves. ‘GS-C1′ features a Bronze/Silver/Gold certfication structure and clear requirements for policies and actions across an array of CSR issues. It puts teeth behind a GRI-like framework.
GIIRS (Global Impact Investing Ratings System) is a system for assessing the social and environmental impact of companies and funds with a ratings and analytics approach that aims to be both comprehensive and transparent. GIIRS provides both company and fund impact ratings, each with current and historical analyses of impact performance for comparative use.
Key features include:
- Integration with IRIS, an industry-recognized taxonomy and reporting standard co-developed by B Lab;
- Powered by the B Impact Ratings System;
- Ratings methodology developed and governed by an independent Standards Board;
- Ratings subject to the GIIRS verification process, executed with the support of a third-party documentation review.
The Fair Trade certification model is designed and audited to ensure equitable trade practices at every level of the supply chain. To earn a license from Fair Trade USA to use the Fair Trade Certified™ label on their products, companies must buy from certified farms and organizations, pay Fair Trade prices and premiums and submit to a rigorous supply chain audits. This process entails a high level of transparency and traceability in their global supply chains. Today, our partner companies range from small, mission-driven coffee roasters to some of the largest transnational corporations in the world.
Rain Forest Alliance – Farms, forestry operations and other businesses that meet the appropriate certification and verification standards earn access to the Rainforest Alliance family of marks for on- and off-product promotions. The Rainforest Alliance offers the certification, verification and validation services for agriculture, forestry, tourism, and forest carbon.
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