We are proud to announce that OpenCorporates has joined the pioneering group of companies that are taking giant strides in global sustainable business practices: we are now a Certified B Corporation!
What is B Corp certification?
For those unfamiliar with the term, B Corp Certification isn’t your typical business accolade. Certified B Corporations are at the forefront of a global movement striving for an inclusive, equitable, and regenerative economy. It’s not about focusing on a single aspect of sustainability or corporate responsibility; B Corp Certification evaluates a company’s complete social and environmental footprint.
B Lab, the certifying body, assesses businesses against high standards of performance, accountability, and transparency. From reviewing employee benefits and charitable giving to supply-chain practices and input materials, this holistic certification process delves deep into a company’s operational structure.
To gain this certification, a company must:
- Achieve a B Impact Assessment score of 80 or above, reflecting a robust social and environmental performance, and pass B Lab’s risk review.
- Amend their corporate governance structure to ensure they’re accountable to all stakeholders, not just shareholders.
- Commit to full transparency, allowing their performance data, as per B Lab’s standards, to be accessible to the public via their B Corp profile.
Such rigorous requirements ensure that Certified B Corporations don’t merely “talk the talk,” but indeed “walk the walk.”
Why did we become a B Corp?
Being a B Corp is about much more than a certification or a badge. It signifies a commitment to real change. B Corps naturally attract mission-aligned investors, passionate employees, and build trust with the broader community. With the requirement of recertification every three years, these companies are innately focused on continuous improvement, making them more resilient in the long term.
We believe a fairer, more prosperous and sustainable society can only be achieved with greater corporate transparency. OpenCorporates was founded in 2010 to do exactly that, specifically by making legal-entity data more accessible, more usable, and better quality too. This isn’t just hyperbole; it’s written into our articles of association, and so we have a legal obligation to do it.
Having a certification like B Corp is another way for us to prove our commitment to be a force of positive change on a global scale.
As Chris Turner, Executive Director of B Lab UK, says “…This is a movement of companies who are committed to changing how business operates and believe business really can be a force for good. We know that OpenCorporates are going to be a fantastic addition to the community and will continue driving the conversation forward”.
What does it mean for our customers and users?
At the heart of today’s economy is the challenge presented by the doctrine of shareholder primacy, which has often led businesses to focus solely on profit-making, even at the expense of social and environmental well-being. But the tide is turning. Business and finance leaders globally are recognizing the importance of shifting towards stakeholder governance, which mandates businesses to prioritize all their stakeholders, including employees, customers, communities, and the environment.
We are proud to align ourselves with this transformative movement. Since the introduction of the first benefit corporation law in Maryland, USA in 2010, this concept has spread to 51 jurisdictions globally, from Italy to Rwanda, Uruguay to Canada. These statutes emphasize the essential principle of companies operating with a comprehensive view, whether it’s through the triple bottom line of people, planet, and profit or a double bottom line of purpose and profit.
Joining the B Corp community reflects our dedication to being part of the solution, ensuring that we operate a business that is accountable to everyone it touches and the world it operates in.
This means all of our stakeholders, including our customers and wider community of users, can be confident that we are prioritising their success above all else.
Pathway to certification
The journey to B Corp Certification is tailored to each company’s unique size, revenue, and structure. For instance, the certification process will be different for a start-up, a small enterprise, a medium enterprise, and a large enterprise. B Lab provides comprehensive guides for each company profile, ensuring the certification process remains relevant and challenging.
The cycle of recertification
To ensure Certified B Corporations maintain their high standards, the recertification process takes place every three years. This involves updating their B Impact Assessment and confirming their score. If there’s a change in company ownership or an Initial Public Offering, this also triggers a reassessment.
The B Corp declaration of interdependence
At the heart of the B Corp movement is a declaration that resonates deeply with us at OpenCorporates:
“We envision a global economy that uses business as a force for good.”
This declaration reiterates that businesses can, and should, be a positive force in society. That it’s possible to drive profit while still being purpose-driven and creating benefits for all.
We are immensely proud to be part of this visionary movement. We’re dedicated to being the change, acting responsibly, and creating a brighter, more sustainable future for all. As we continue on our journey, we remain committed to these ideals and to promoting a global economy where business uplifts everyone.
Visit our B Corp Profile here.
For more information
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