1. B Impact Assessment (BIA)
A business must first undertake an assessment: a self-answered, online questionnaire that covers the entirety of an organisation.
From an operational perspective, it covers governance, workers, community, customers and the environment. From a strategic perspective, it looks at the type of business model being used to create positive social and/or environmental impact. The BIA calls these your company's "Impact Business Model".
At this point, a business must also complete a standards verification and disclosure questionnaire.
2. Legal Change
The company must amend its Articles of Association to shift the focus from shareholder to stakeholder and a commitment to the triple bottom line.
It uses Companies Act Article 172 as the legal basis to ensure a B Corp enshrines the commitment to creating a material positive impact on society and the environment and not putting shareholder interests above other stakeholder interests.
If the business is owned by a sole-trader then no formal legal change is required.
3. Formalising B Corp Status
A term sheet and B Corp Declaration of Interdependence is supplied to the business for signature as a symbolic commitment to the intentions and communal aspirations of the B Corp community.
4. Certification Fee
A fee is payable that contributes towards the running of the B Corp community.
At the time of writing (Mar 2019), the fees are as follows:
|Annual Sales||Annual Certification Fee|
|£0 - £149,000
|£150,000 - £1,999,999
|£2 MM - £4,999,999
|£5 MM - £9,999,999
|£10 MM - £19,999,999
|£20 MM - £49,999,999
|£50 MM - £74,999,999
|£75 MM - £99,999,999
|£100 MM - £249,999,999
|£250 MM - £499,999,999
|£500 MM - £749,999,999
|£750 MM - £999,999,999
||£50,000+, depending on the structure of the company
These fees are subject to change without notification. Whilst it is intended that these prices are kept up to date, B Lab reserves the right to alter published prices.
*VAT will be added to these fees.
5. Ready to Go!
At this point, you’re a fully fledged B Corp ready to tell the world. It’s recommended to make a splash and there a plenty of examples to follow and learn from in terms of how other companies, large and small, have gone about telling their stakeholders and the wider world of their B Corp status.