There has been a lot of talk about ‘B Corps’ lately, so we thought it would be a good idea to clarify just what exactly a ‘B Corp’ is. Especially since B Lab selected ACE as a B Corp ‘Best of the World’ Honoree this summer. So, what exactly is a ‘B Corp’?
B Lab is a non-profit organisation that serves a global movement of people using business as a force for good. B Lab believes in the potential of business to help build a regenerative and inclusive economy for all. It is pushing to make the business community part of the solution to global problems such as wealth inequality, climate change and social unrest. It does this by engaging major institutions with the power to transform our economy, verifying credible leaders in the business community and creating a supportive infrastructure and incentives for other businesses to follow their lead. The certification which B Lab assigns to these verified credible business leaders is called the B Corp Certification.
The B Corp Certification is the only certification which measures a company’s entire social and environmental performance. Companies are judged against the B Impact Assessment (BIA). The BIA evaluates a company’s impact across five areas: Governance, Workers, Community, Environment, and Customers. The BIA produces a numeric score based on the company’s responses. To certify as a B Corp, a company must achieve a minimum verified score of 80 points on the B Impact Assessment. In order to maintain the B Corp Certification, companies must update their BIA and verify their score every three years.
Every year, B Lab recognizes the top-performing B Corps creating the greatest impact through their businesses on their Best for the World list. Honorees are recognised for having the highest environmental, community, customer, worker and overall impact by earning a score in the top 10% on the B Impact Assessment. According to the B Lab Chief Marketing Officer, Anthea Kelsick, these honorees stand as leaders in the global movement towards business with impact as they set an example of how to run profitable businesses while maintaining a net-positive impact on the environment, providing meaningful work to your employees and uplifting the communities in which you operate. They are proof that it is possible to be both the best in the world as well as the best for the world.
This summer, ACE was selected as a B Corp ‘Best of the World’ Honoree. This classifies us in the top 10% of best performing B-Corps worldwide for our customer, community and overall impact. We are committed to creating a positive environmental and social impact with our business. That’s why our business is set up to serve vulnerable populations with a product with both health and energy-saving benefits for the user. Our drive for impact is also reflected in our operations where we maintain a 50% gender split. Additionally, 20% of the positions in our factory are occupied by individuals with disabilities. We also do our best to ensure our manufacturing practices have minimal environmental impact. And it has paid off! In 2011, we received an environmental clearance from the Lesotho Ministry of Tourism, Environment and Culture, validating that ACE’s factory model is environmentally neutral. That’s why ACE is leading the way for businesses with impact with a BIA score of 148.9, where the average B-Corp has a score of 80. We plan to keep on this path and continue raising the bar for impact-driven business!