5 Reasons Why "Benefit Corporations" are Great
Have you heard of Certified Benefit Corporations (B Corps)? There is an emerging trend of corporations that are dedicated to create profits for themselves, their shareholders, and society. B Corps address social and environmental issues with transparent and comprehensive performance standards, meet higher legal accountability standards, and build networks with other agencies that do good business. There are 449 B Corps in 54 industries, and there are five states that have passed Benefit Corporation legislation (Hawaii, Maryland, New Jersey, Vermont, and Virginia). In North Carolina, there are 21 B Corps; including iContact, Larry's Beans, and VIF International Education.
This trend of corporations officially operating on a triple-bottom line represents exciting new opportunities for nonprofits, colleges and municipalities. B Corps are committed to service standards that make them great candidates for partnerships - and here are five examples:
1. 29% donate more than 10% of profits or 1% of sales to charitable organizations.
2. 22% allow their employees at least 20 hours per year of paid time off to volunteer.
3. 28% patronize more than 10% of their significant suppliers from low-income communities.
4. 41% have more than 25% of significant suppliers that are certified to meet specific social/environmental criteria.
5. 42% have more than 50% products/services that solve a direct social or environmental issue (e.g., microfinance, energy-efficiency technology).
To find a directory of Certified B Corps, or to find more information about them, visit http://www.bcorporation.net/.
