B Corp Standards are changing
We are reaching the sharp end of the development of the new B Corp standards (version 7). The final phase of public consultation has now begun, running until the end of March and we expect the final new standards to be published at the end of 2024 or early 2025, with the first companies certifying on the new standards sometime in 2025.
So far, we know that:
- V7 will be significantly different to v6
- There will no longer be a ‘score’
- Instead, there will be mandatory performance requirements across 8 Impact Topics and complementary impact topics
- A company’s eligibility to pursue B Corp certification will first be assessed against ‘foundation requirements’ (including a risk assessment) before the company’s practices are reviewed against the ‘Performance requirements’
B Corp Certification Performance Requirements
In the spirit of continuous improvement central to the B Corp ethos, companies will be expected to set a specific number of improvement goals and demonstrate progress against these goals to re-certify.
The devil will, of course, be in the detail, but we very much welcome the direction of travel; they will bring more clarity to what it means to be a B Corp, as well as ensuring that all B Corps take meaningful action on key issues of our times. That said, it’s crucial that as many stakeholders as possible, and especially businesses, take the time to provide feedback “from the frontline” on the detailed standards, especially on:
- B Lab’s approach to tailoring requirements to company size, sector and context
- How likely they are to meet the requirements
- And what the obstacles may be to meet the requirements (resources, guidance, legal…)
Get involved in the B Corp Action
As you’d expect, Greenheart Consulting is close to the action. If you’re a client, watch this space for an email from the team. In the meantime, we encourage every business to get involved and take the time to read and provide your feedback on the new standards here.
