Why are we a B Corp?
Because we are a values-based financial cooperative serving the needs of over 15,000 members in eight coastal communities on the west coast of British Columbia, Canada. Driven by a vision to build financially healthy communities and a purpose to empower through knowledge, we use a triple bottom line approach to help develop socially, economically, and environmentally sustainable communities.
B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials. In order to achieve certification, a company must:
- Demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing our risk review. Multinational corporations must also meet baseline requirement standards.
- Make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation status if available in their jurisdiction.
- Exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.
As leaders in the movement for economic systems change, B Corps reap remarkable benefits. They build trust with consumers, communities, and suppliers; attract and retain employees; and draw mission-aligned investors. As they are required to undergo the verification process every three years in order to recertify, B Corps are by definition also focused on continuous improvement, leading to their long-term resiliency.
B Corp Certification is holistic, not exclusively focused on a single social or environmental issue. And the process to achieve and maintain certification is rigorous and requires engaging teams and departments across your company. Taking company size and profile into account, verification involves documentation of your company’s business model and information about your operations, structure, and various work processes, as well as review of potential public complaints and possible site visits. Recertification confirms these standards continue to be met on an ongoing basis. Learn more here.