First created in US law in Maryland in 2010, the Benefit Corporation is a new legal status of incorporation that requires organisations both to make profit and to serve a greater societal purpose. Crucially, they have a fiduciary duty to their shareholders on both counts, not just on profit, and so must state and report against a measurable public benefit.
Baby food brand Plum Organics was among the first to adopt this status, committing them to raise awareness and advance solutions for childhood hunger and malnutrition in the United States – not just sell baby food – and committing their shareholders to hold them to it. The associated voluntary certification system, the B Corporation movement, arrived in the UK in 2015.
Certified B Corporations are a new kind of business that balances purpose and profit. They are legally required to consider the impact of their decisions on their workers, customers, suppliers, community, and the environment.
Although not food specific, they do include UK food brands, and there is inspiration to be drawn from the community of pioneers they are building, how businesses support one another and learn from each other, whether it is from their online forums or in-person events.
What we love about them:
We love that the B-corporation community has an online platform for different departments to share knowledge, help one another and provide mentoring support for employees of the member organisations.
More information: https://bcorporation.net/
People sit at the heart of any business, and it’s important to take care of them. We spoke to Best for the World™ B Corps @fatbeehive and @PPLthinks about creating an environment in which everyone can thrive. What could be relevant to your business? https://t.co/s6bxl6X465
What Governance initiatives are you most proud of? Hear from some UK Best for the World™ B Corps with exemplary practices focused on engaging employees, board members, and the community to achieve their mission. Find out how these businesses are walking the walk! #bftw2021 https://t.co/g1CWJFRAZp
Today we're spotlighting UK B Corps scoring in the top 5% of the Governance section of the BIA. Meet some of these BFTW™ B Corps in our Instagram stories 👉 https://t.co/vVaLhQ1RrW
Check out the full Governance list here 👉 https://t.co/owAUraMgbO #bftw2021 https://t.co/CwO8IfeNd1