B-Corp - what is it? - PKF Francis Clark
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B-Corp – what is it?

On 7 October 2021, we are hosting a webinar on B-Corp – which I am genuinely excited about and as we have over 140 businesspeople registered to attend, it would appear that B-Corp is of interest to a great number of our clients.

I thought it may be useful to summarise what B-Corp certification is – and we will focus on the ‘why’ and ‘how’ in the webinar itself.

What is B-Corp?

  • B-Corp Certification doesn’t just evaluate a product or service; it assesses the overall positive impact of the company that stands behind it
  • Certified B-Corporations achieve a minimum verified score on the B-Impact Assessment—a rigorous assessment of a company’s impact on its workers, customers, community, and environment—and make their B-Impact Report transparent on bcorporation.net
  • Certified B-Corporations also amend their legal governing documents to require their board of directors to balance profit and purpose.
  • The combination of third-party validation, public transparency, and legal accountability help Certified B-Corps build trust and value
  • B-Corp originated in the US in 2006, and the initiative was launched in the UK in 2015
  • There are currently over 4,000 Certified B-Corporations in more than 70 countries

The process

  • B-Corporation status can be achieved by receiving accreditation from B-Lab (a non-profit organisation)
  • Certification requires a score of at least 80 (out of approximately 200) against 5 areas of impact: Governance, Community, Workers, Environment and Customers
  • The initial step is to complete an on-line assessment (B-Impact Assessment or BIA). After completing this assessment, B-Lab then assesses and verifies that your score meets the certification standards
  • As part of this process, you meet virtually with the B-Lab team to submit any confidential documentation and to sense check your responses
  • Using the B-Impact Assessment is free. A one-off submission fee of £250 (plus VAT) is payable when you submit your company for certification
  • As a Certified B-Corporation, certification fees are then paid annually, and calculated based on your company’s total revenue for the preceding 12 months. (see link)

B-Corps in the South West

Two of the participants in our webinar are B-Corp certified, Riverford Organic Farmers and Greenheart Consulting, and they are in good company – you can search for B-Corp certified businesses here.

I would like to also give a shout out to one of our participants in our sustainability webinar of 2020 – Ward Williams Associates who earlier this year were recognised as one of the best B-Corps in the world – see link.

To register your place in our Deep Dive into B-Corp event on the 7 October, please click here.

FEATURING: Richard Wadman
Richard qualified as a Chartered Accountant with KPMG in 1993. Since 2006 he has worked in Corporate Finance, firstly with the predecessor firm in Truro… read more
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