Victoria Tester, managing director – life and business at Shakespeare Martineau, which is part of Ampa, will be attending this year’s Anthropy. Here, she discusses the benefits of becoming a B Corporation.
Historically, a business’ purpose has been to maximise shareholder value. However, the world is changing and more corporate governances are highlighting the importance of non-shareholding stakeholders, such as their people, local communities and the environment.
B Corporations are a product of this shift in values – redefining what it means to be successful in business and using their company as a force for good.
Organisations with certified B Corporation status are legally required to consider the impact of business decisions on their people, customers, suppliers, communities and the environment – ultimately ensuring a balance between purpose and profit.
Since its launch in 2007, more than 4,000 companies across the globe have achieved the certification and as more leaders recognise that businesses need to play their role in driving societal and environmental change, the number of companies actively seeking B Corporation status is growing.
This rise is reflective of a sea change in society, and a focus on climate change and social good, with consumers demanding purpose-led businesses and employees wanting to work for companies with clear values.
Becoming a B Corporation brings many benefits:
- Attract new clients – B Corporation recognition is growing rapidly and more companies are looking to either become one or work with one
- Attract talent – The younger workforce is increasingly demanding that business should improve society and B Corporation status is a shorthand indicator of intent
- Benchmark performance – Results can shed light on otherwise hidden areas in need of improvement compared to peers and accelerate change
- Build trust – Certification signals a commitment to transparency through publically publishing results.
The pandemic has taught us the excuses of our previous paradigms are no longer valid. We must each create ripples to join into a wave of much-needed change – highlighting that good business can be both purposeful and profitable.
To find out more about Anthropy, please visit here.