At Change Finance, PBC we are beyond happy to share that we’ve been recognized as one of the Best for the World™ B Corps of 2022! To be #BestForTheWorld, B Corps must have scores in the top 5% of one or more of the five impact areas assessed towards the certification. The Scoring is based on these criteria:
1. Objective: Determined by B Lab’s independent Standards Advisory Council
2. Normalized: All companies can earn the same total points in the assessment
3. Materiality Based: Determined by relative materiality of a particular topic to a company’s sector
4. Outputs/Outcomes Oriented: More heavily weighted towards direct indicators of “impact”
5. Balanced: Comparable scoring for Operational Impact and Impact Business Models, and across different Impact Business Models
The 5 impact areas include:
1. Customers- These B Corps are setting the standard for serving their customers, offering products or services that support the greater good, often focusing on underserved populations. They add value to customers' lives by providing critical services like education, healthcare, and finance management, and engaging in ethical marketing, data privacy and security, and feedback channels
2. Environment: These companies are leading the way towards a more sustainable and regenerative planet by putting their impact on the air, climate, water, land, and biodiversity first in their business practices. These B Corps excel in environmental performance by offering products or services designed to solve an environmental issue or through their facilities, materials, emissions, and resource and energy use, as well as transportation/distribution channels and the environmental impact of their supply chain. Their focus on the planet as a vital stakeholder hasn't gone unnoticed.
3. Community: These companies are top performers in contributing to the economic and social well-being of the communities in which they operate. Through their exemplary practices and policies directed at community impact, they're building a shared and sustainable prosperity for all. Their mission-driven cultures embrace supplier relations, social engagement, charitable giving, and strong, diverse communities.
4. Governance: These B Corps have achieved a top score in overall mission, ethics, accountability and transparency. Their best practices are focused on how they engage employees, board members, and the community to achieve their mission, as well as employee access to financial information, customers' opportunities to provide feedback, and the diversity of their governing bodies. By building their vision and values into their company bylaws, these B Corps embody what it means to use business as a force for good.
5. Workers: These businesses' efforts to create positive impacts for their workforce are remarkable. Their best practices in work environment aspects like compensation, benefits, training, and ownership opportunities, as well as assessing working communication, job flexibility, and worker health and safety practices, not only contribute to better conditions for their employees, but also mark the pace and set an example to follow.
At Change Finance, PBC we have been recognized for our efforts in the Customers area. As all #BCorps are already businesses that meet high standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose, this is a recognition that makes us incredibly proud! And we’re just getting started! The survey evaluated Certified B Corp companies affiliated with B Lab. We were not paid and did not pay to be considered. We will continue collaborating with the global #BCorp community to improve and positively impact all our stakeholders. Check out the full #BFTW2022 lists here.