A growing number of multinational and publicly-traded companies are interested in engaging with the B Corp movement. This is good news; we need an inclusive movement in which everyone from family farms to the Fortune 500 uses business as a force for good. (See Unilever; Danone; Bancolombia)
However, a number of institutional and practical barriers have made it hard for multinationals and publicly listed companies to earn B Corp Certification and for B Lab to meaningfully assess and verify their performance. Both B Lab and these companies are committed to creating standards and a certification process that is both meaningful and manageable. To achieve this, at the September 2015 launch of B Lab UK, B Lab announced that it is establishing a Multinationals and Public Markets (MPM) Advisory Council. The MPM Advisory Council's work will last through 2017 and will result in a clear path to B Corp Certification for multinationals and public companies. Learn more about the MPM Advisory Council, it's members, scope and timeline.
While the work of the MPM Advisory Council is in process, multinationals and public companies of limited size, scope, and complexity may be eligible for B Corp Certification under existing requirements. Generally, these MPCs meet some or all of the following characteristic: <$5 billion in revenues, <50 subsidiaries, <10 industries and <5 countries of operation.
Regardless of current eligibility for certification, there are many other opportunities for multinationals and public companies to engage with B Lab to exercise their leadership in the global movement of people using business as a force for good.
- - Certified B Corporations that are publicly traded are required to make their full B Impact Assessment transparent. Other Certified B Corporations are required to make transparent only their B Impact Report, which includes their B Impact Score, a quantitative summary of the answers to the questions on the B Impact Assessment, but not the answers to the questions themselves.
- - In addition, public companies are required to have their performance validated by B Lab, at the company’s expense, during each two-year certification term. Other Certified B Corporations have a one-in-five chance of being selected for random on-site validation process during each two-year certification term.
- - Companies with multiple entities will also be required to pay a $1,000 verification fee for each additional entity.
- Note on use of B Corp IP: Brands, divisions, and affiliated entities, including subsidiaries, with a different name than the certified parent, may only use the B Corp IP if they meet the minimum performance requirement independently.
If you are interested in engaging with the MPM Advisory Council, determining the eligibility of your company, or discussing other engagement opportunities, please contact B Lab Australia & New Zealand at email@example.com.