Local B Corps hit milestone
30 November 2022 at 10:31 am
The B Corp community is celebrating 500 certifications in Australia and New Zealand.
There are now 500 B Corporations operating in Australia and New Zealand, employing almost 30,000 people and generating over $13 billion in revenue each year.
According to a statement released by the company today, there are 409 registered B Corps in Australia and 91 in New Zealand, with these figures growing weekly. The regional milestone coincides with the number of B Corps around the world exceeding 6,000.
B Lab Australia and Aotearoa New Zealand’s impact and growth director Mindy Leow said the achievement made in a decade of operating in the region demonstrates a shared vision that businesses can be a force for good.
“This is such a monumental achievement for our region,” she said in a statement to the local B Corp community.
“Importantly, we also celebrate the 10-year anniversary of two early adopters of the certification in Small Giants and Eagle Group, who dared to believe in this bold idea and paved the way for others.
“Despite some progress, accountability remains all too rare in the wider business community. Yet by submitting yourselves to B Lab’s rigorous and independent certification, there are now at least 500 businesses in our region embracing a model of stakeholder governance that is creating a more inclusive, equitable, and regenerative economic system for all.”
B Corp certification is a globally recognised impact measurement administered by B Lab that demonstrates a business is meeting the highest standards of social and environmental practice.
In order to be certified, an organisation must achieve a B Impact Assessment score of 80 or above, which measures positive impact across key areas including governance, workers and community.
Organisations must also make a legal commitment to change their governance structure to ensure accountability for all stakeholders, and exhibit transparency by publicly sharing information about their performance against B Lab’s standards.
“It might have taken us 10 years to get to 500, but we know that the next 500 will take nowhere near as long, as you continue to champion a better way to do business, and reshape the role of business in society,” continued Leow.
“At B Lab, it is a privilege to support your work and we are continually grateful to all of you who continue to embrace the hard work of doing what matters.”
