1 Introduction

In recent years, especially after the global economic crisis of 2008, the debate on what future enterprises should be like has intensified, leading to the acceleration of development of social enterprises worldwide. Along with the increase in the number and importance of traditional social economy enterprises (e.g., cooperatives, mutual insurance companies, and foundations), new forms of social entrepreneurship have emerged (e.g., low-yield joint stock companies, the economy of communion enterprises). Footnote 1 In addition, there has also been an intense process of legal regulation as a public recognition of social enterprises; sometimes included in the category of social economy enterprises, and in other cases with special and autonomous regulations. Footnote 2 This has led to different understandings of social enterprises depending on location, which the EU has attempted to soften with different initiatives. As an example of these efforts, one can point to the content of the 2011 European Commission Communication entitled “Building an ecosystem to promote social enterprises at the heart of the social economy and social innovation,” known as the Social Business Initiative, as a reference. This communication, strongly influenced by the work of the EMES network, defines social enterprise as Footnote 3:

An enterprise whose main objective is to have a social impact, rather than to generate profits for its owners or its partners. It operates in the market by providing goods and services in an entrepreneurial and innovative manner and uses its surpluses mainly for social purposes. It is subject to responsible and transparent management, in particular through the association of its employees, its customers, and stakeholders.

Further, Muhammad Yunus, the Bangladeshi economist who won the 2006 Nobel Peace Prize for the implementation of the concept of microcredit since 1974 and the founding of the Grameen Bank in 1983, defined it in simple terms Footnote 4:

As a non-loss, non-dividend enterprise designed to address a social objective.

In this complex context of social enterprises, the certified B-Corp phenomenon emerged a few years ago. It is a type of social enterprise framed in the fourth sector, which stands out for its great international extension, in contrast with the few existing doctrinal studies on the subject. Certified B Corps are companies that have successfully completed the process required to obtain private certification, granted by the B Lab foundation. Against this background, the general objective of this study is to explain the certified B-Corp phenomenon. First, we explore the origin of the B Movement, which began with the creation of the B Lab foundation. Then, we analyze the international expansion of this entrepreneurial phenomenon. Second, we discuss the B Impact Assessment, a tool used to measure the impact of each company and evaluate the fulfillment of economic, social, and environmental objectives. Following the accreditation scheme, once a company completes the B Impact Assessment, it receives the B Impact Report and is able to proceed to the signing of the Certified B Companies Agreements, which outline the rights and obligations that must also be met.

Finally, it is important to note that the number of certified B Corps has been increasing worldwide. Therefore, in a book dedicated to benefit corporations, it is of interest to carry out a detailed study analyzing both the B movement and the private figure par excellence that represents it, that is, the certified B Corps.

2 Origin, Structure, and Development of the Certificated B Corp Movement

In 2006, in the United States, Jay Coen Gilbert, Bart Houlahan, and Andrew Kassoy were searching for a different business model that transcends economic concerns, after witnessing the social consequences that the sale of the companies they had created to multinationals had on their local environment (especially the cancellation of contracts with suppliers and workers). Footnote 5 Subsequently, after considering different options, they created the B Lab foundation in the city of Pennsylvania in 2006.Footnote 6 The goal of this non-profit organization [incorporated under Section 501(c)3 of the U.S. Code] was to promote the creation and development of B Corps with the idea of changing the way companies do business and creating positive social and environmental impacts. Footnote 7 The letter “B” translates into obtaining a benefit for society beyond the traditional definition of profit that responds only to the interests of shareholders, thus achieving both social and economic objectives.Footnote 8

B Lab defines certificated B Corps as Footnote 9:

Companies whose shareholders assume the management of social and environmental impacts with the same rigor as financial ones; approve an external evaluation founded on global, robust, and recognized parameters; and modify the fiduciary responsibility in the legal constitution of the company to include the commitment to consider non-financial interests at the same level as financial ones and to have a positive impact on society and nature.

2.1 B Lab and the International Expansion of the B Corp Movement

B Lab is the organization in charge of advising, supporting, and finally granting B Corp certifications, as well as their supervision and control. It is financed by annual fees from companies certified as B Corps and private investments. B Lab is structured around three bodies: the Board of Directors, the Global Governance Council, and the Standards Advisory Council. The Board of Directors appoints advisory boards to ensure the continued incorporation of best ideas and practices into B Lab’s objectives and activities, and has final decision-making authority over their recommendations. The Global Governance Council consists of representatives from each global partner organization (the U.S., Canada, etc.) and the Board of Directors, which includes among its responsibilities the global expansion of the B Corp movement. The Standards Advisory Council consists of 20 independent members, including academic experts and practitioners who create and oversee the performance standards used to certify B Corps. Footnote 10

To support and develop the B Corp movement worldwide, B Lab has created a network of B Lab Global Partners as affiliated institutions. Currently, they exist in Latin America (Sistema B Footnote 11), the United States and Canada (B Lab US and Canada Footnote 12), the United Kingdom (B Lab UK Footnote 13), Oceania (B Lab Australia & New Zealand Footnote 14), Taiwan (B Lab Taiwan Footnote 15), and the European Union (B Lab Europe Footnote 16). In addition, B Lab has B Market Builders, as sub-subsidiaries in the East Asian area, in countries where the movement is still in its early stages, such as Japan, China, Korea, Singapore, and Hong Kong.

Finally, there are other types of entities that promote and support the B Corp movement; which can be divided into two groups. The first group include the different foundations that represent B Lab in specific countries such as B Lab Spain, Footnote 17 B Lab France, Footnote 18 B Lab Benelux,Footnote 19 B Lab Canada, B Lab Denmark, Footnote 20 B Lab Italy, Footnote 21 B Lab Germany, Footnote 22 B Lab Portugal, Footnote 23 B Lab Switzerland Footnote 24 ; or in Latin America, Sistema B Argentina, Footnote 25 Sistema B Brazil, Footnote 26 Sistema B América Central, Footnote 27 Sistema B Chile, Footnote 28 Sistema B Colombia, Footnote 29 Sistema B Ecuador, Footnote 30 Sistema B México, Footnote 31 Sistema B Paraguay, Footnote 32 Sistema B Peru, Footnote 33 and Sistema B Uruguay; Footnote 34 which accompany the companies in the evaluation process, hold workshops, organize events, and develop alliances with other entities and interaction programs with citizens. Footnote 35 The second group includes associations created for specific purposes, such as the B Lawyers Group, whose main objective is to promote the legalization of social enterprises in EU countries; or Academia B, which is a digital library composed of studies and articles related to B enterprises and the social economy.

Certified B Corps have been spreading worldwide, with 4489 accredited entities present in 77 countries, as of December 2021. Of these, 1611 are in the United States, 1100 in Latin America, and 1146 in Europe. Several multinationals have received B Corps certification, such as Patagonia, known for its sustainable clothing and environmental initiatives; Ben & Jerry’s, an ice cream company that actively supports local farming and ranching communities as well as social and environmental policies; Alma Natura, a company whose aim is to revive rural areas and rejuvenate life in the countryside through improving technology, education, employment, and health; and Bikonsulting, an open cooperative of consultants, drivers of system change toward the common good.

3 B Impact Assessment

The procedure for obtaining the B Corp certificate, as indicated by the B Corp organization, is as follows. Footnote 36 To be recognized as a B Corp, the company must be certified by the official certifying body of the place where the company is domiciled, either by Sistema B (only in Latin America) or B Lab (in the rest of the world). The procedure to obtain this accreditation is relatively simple: the company, which must have been established for at least 12 months, Footnote 37 must undergo an impact assessment (B Impact Assessment). Footnote 38 The assessment consists of 175 questions covering five areas. It should be noted that not all answers have the same score or rating. In addition, most of the questions offer several answers with the option of completing sections that are considered necessary, while others are yes or no questions. Finally, the B Corp certification meets all the standards required for an audit Footnote 39 because it consists of an adaptation of the balanced scorecard. Footnote 40, Footnote 41

3.1 B Impact Assessment

The five areas of the B Impact Assessment are governance, workers, community, environment, and customers.

3.1.1 Governance

The governance of a company is defined as the source and origin of the decisions made in the company. It is one of the most highly valued aspects of this assessment (25 questions, 15 of which are scored for evaluation). The main objectives of this analysis are to identify the company’s mission, existing commitment to social groups in the environment, corporate plan (structure and performance), and transparency.

In the first section, the questionnaire aims to obtain a description of the company’s commitments in terms of priorities, with an emphasis on its social and environmental impacts. Next, it assesses the existence of a general commitment to social and environmental responsibilities or a specific positive impact in these areas (e.g., waste reduction through products reused for other purposes or a commitment to serve a group of vulnerable beneficiaries). An essential aspect of this part of the assessment is understanding how the company identifies, measures, and manages the most significant social and environmental issues related to its operations and business model. This is called the materiality of the company’s social and environmental commitments. For the evaluation of this materiality, we can rely on several methods such as the monitoring of impact metrics, the realization and evaluation of materiality in this area, or the establishment of performance objectives and the measurement of social and environmental results in relation to key performance indicators (KPIs) which are “units of measurement that allow a company to know the level of achievement on previously established objectives.” Footnote 42

A company’s ethics and transparency are principles of great relevance to this evaluation. It is highly valued that the company has a “code of ethics,” a formal document that establishes its values and the way it acts in different situations. In addition, this section assesses whether there is a policy for controlling contributions to individuals, entities, and institutions (lobbyists, charities, etc.) as well as sponsorships; and whether there is public disclosure of such policies. Finally, it evaluates the existence of systems for preventing and reporting acts of corruption in the company and the reliability of its financial statements.

On transparency, the questionnaire asks whether the company publishes information on its social or environmental performance, as well as its methodology, on an annual basis and in a public manner. Specifically, the questionnaire asks whether the company provides comprehensive descriptions of its social and environmental programs, whether it publishes the results or indicators of social or environmental performance, whether the way in which the sustainability report is disclosed complies with the standards developed by independent entities specialized in the field (e.g., the Global Reporting Initiative (GRI) Footnote 43), and whether an independent entity has validated or guaranteed the accuracy of the information disclosed. To complete the governance section, it is assessed whether the company’s partners are considered in decision-making for the development of activities that are not economically profitable but beneficial in social terms, which allows greater protection against possible claims from minority shareholders.

3.1.2 Workers

The next section covers the employee relations with the company in aspects such as salaries, training, shareholding, and work environment (with 54 questions, 40 of which can be scored for evaluation). As in the previous section, this section is divided into five blocks: employee metrics, economic security, health, well-being and safety, professional development, and satisfaction and commitment.

Initially, basic questions are asked to obtain information on the type of company analyzed and the labor relationship with its workers. These questions include number of workers, type of remuneration, fixed or hourly wages, average wages, whether there is subcontracting in the company, number, and percentage of full- and part-time workers, and whether the company structure facilitates worker participation in social bodies (as occurs in cooperatives or worker-owned companies). On the “financial security” of workers, this section asks about the lowest hourly wage, the percentage of employees who receive the equivalent of the living wage and the official minimum wage, and what percentage above this minimum wage is paid to the employee who receives the lowest wage. Moreover, it examines whether the company offers its employees salary supplements, cash bonuses, or other benefits (e.g., salary adjustment for cost-of-living increases), savings programs (pension and retirement plans), or other financial services (whether it provides low-interest loans, debt refinancing, financial counseling, or tax return services).

Further, the questionnaire looks at the “health, welfare, and safety of employees.” It asks what type of public health care is offered in the country where most employees reside and what additional health benefits the company offers to complement it (e.g., disability or accident insurance, life insurance, private dental insurance, and supplementary paid medical insurance). Additional health and wellness initiatives offered by the company are also analyzed, such as encouraging employee participation in health and wellness activities during the workweek (e.g., programs to encourage the use of stairs or the promotion of walking or biking to work), Footnote 44 whether the company has workplace ergonomic policy, or whether the majority of employees have completed health risk assessments in the past year.

On the “professional development” of employees, which can be defined as a person’s growth option within a company, the questionnaire assesses the accessibility of specialized training, the policy of encouraging internal promotion and recruitment, the policies for hiring trainees and apprentices, and the different types of coaching for managers to better manage their subordinates. Finally, the “satisfaction and commitment” of employees are analyzed in the following aspects: the existence of an “employee handbook” as well as its content, such as whether it includes a statement on non-discrimination, an anti-harassment policy, a statement on working hours, issues on salary payment and job performance, and disciplinary measures. In addition, it asks whether employee satisfaction or engagement surveys are conducted on a regular basis and, if so, what percentage of the company’s employees are satisfied or engaged. It also considers whether there are flexible work options, parental leave policies, minimum number of paid leave days (including vacation), and whether they are offered to the majority of employees.

3.1.3 Community

This third section analyzes the positive impact of the company’s business model on external stakeholders in its own community, such as suppliers, distributors, the economy, and the local community (with 44 questions, of which 35 are scored for evaluation). This section is divided into five blocks: introduction to the area of community impact, diversity, equity and inclusion, economic impact, civic engagement and donations, and supply chain management.

On the “introduction to the area of community impact,” it specifies the mechanisms by which the company generates a positive, substantial, and specific benefit for other stakeholders in the community in which it operates. A second section in this area is “diversity, equity, and inclusion,” which assesses the existence of an inclusive recruitment and hiring process (i.e., whether the company evaluates resumes and job applications without having access to names or other characteristics to identify applicants or whether the company recruits personnel through organizations or services that work with people from disadvantaged or underrepresented communities or sectors), and whether the company facilities are designed to meet accessibility requirements for people with physical disabilities. Additionally, it investigates the percentage of staff who are part of a racial or ethnic minority, whether they are women or have any type of disability, and how many of them are directors or managers in the company.

The third section deals with “economic impact,” which analyzes the number of jobs created in the last year and asks about the percentage of partners, workers, suppliers, and banking services that reside in the same local community as the company. The fourth section, “civic engagement and donations,” assesses the civic engagement practices implemented by the company (e.g., donations, community investments, community or pro bono services, collaboration with charities or participation in community organizations, discounts on products or services for disadvantaged groups, free use of company facilities for community events). In addition, it includes the existence of any formal commitment in relation to charitable donations or the promotion of social benefits, such as contributions to academic research on social or environmental topics, as well as the participation in round tables and other forums for public debates related to social or environmental issues.

Finally, the “supply chain management” is addressed by analyzing the impact created by significant suppliers. The company should indicate in the questionnaire what type of control it exercises to measure the impact of its suppliers (control of compliance with legislation, promotion of good governance practices, ethical policies, labor practices, etc.). Footnote 45 It must also validate the existence of a code of conduct with respect to suppliers that includes policies aimed at encouraging increased hiring, that support employment opportunities in groups with chronic underemployment, that implement practices to promote and improve social and environmental performance, and that support small suppliers with difficulties or independent contractors.

3.1.4 Environment

The fourth section analyzes the direct and indirect environmental impacts of the company. This is the most extensive portion of the assessment (65 questions, 55 of which are scored). In the “introduction” section, the company is asked to provide information on its energy consumption, carbon footprint, and waste management to determine whether its products and processes contribute to preserving and restoring the environment. The “environmental management” section evaluates whether the company’s facilities have an ecological accreditation certificate or whether they meet the requirements to obtain one. It also assesses the implementation of green purchasing policies for environmentally friendly products, such as electronic products, food, and office supplies. Footnote 46 This section also considers the existence of an environmental management system (EMS) that regulates waste generation, energy consumption, water consumption, and carbon emissions. The score varies depending on whether it is established only through a formal statement, whether quantifiable targets have been set, or whether there is a dependent or independent audit (the latter being the most highly valued option). Finally, reference is also made to the percentage of products sold that have an impact assessment certification until they are obtained, which is known as the company’s footprint, defined as “the trace left by a company if it is eliminated in an instant.” Footnote 47

The questionnaire is divided into two sections based on the type of consumption: “air and climate” for energy consumption and “water” for water consumption. The first section includes questions related to energy consumption in the company, electricity, heating, and hot water, differentiating whether the company controls energy consumption and whether it sets targets for reducing the intensity of emissions. In addition, the percentage of renewable energies used in the company and the number of those that have a low impact are analyzed, that is, those whose production and storage have a minimum environmental impact, such as wind and solar energy. Footnote 48 Another relevant point is the energy efficiency of the facilities, scored based on the implementation of energy-saving or efficiency systems in the company’s offices. In addition, an analysis is conducted on whether the company and its supply chain manage their greenhouse effect and monitor their atmospheric management and carbon emissions. Particularly, the questionnaire assesses the possible reduction of these emissions through the implementation of specific policies. Finally, the reduction in carbon emissions related to the transportation of workers with their commuting (business trips) is also measured, as well as the implementation of measures to minimize it (environmentally responsible driving, promotion of public transport, and cycling) and the introduction of measures to offset these carbon emissions.

On water resources, similar to the previous point, this section analyzes whether the company monitors the water supply and the presence of conservation methods in the company’s facilities, such as the use of “gray water” (tap water) for irrigation, low-volume irrigation, or rainwater harvesting. Undoubtedly, companies that use water from recycled sources and implement cost minimization policies achieve positive scores. The last section on environmental impact, “land and life,” deals with the production and monitoring of waste (hazardous and non-hazardous), chemicals, and biodiversity in the company. This is followed by a review of the recycling programs for paper, cardboard, plastic, glass, metal, and composting at the company and its suppliers.

3.1.5 Customers

The last block evaluated in the questionnaire addresses the design of the products developed by the company and their relationship with the resolution of a specific social problem and the creation of a concrete and substantial positive impact for its customers beyond the value normally provided by its products or services. To achieve a high evaluation in this area, the shortest section of all (with only four evaluable questions), it is necessary to list the identified social problems, the offered solutions, and the quantification of their effective reduction.

The evaluation of “customer management” considers the relationship that the company maintains with its customers once the product or service has been supplied. It analyzes the practices that the company implements to manage the impact and value created for customers (e.g., it offers guarantees on its products or services, has quality certifications issued by third parties, has mechanisms in place to receive customer feedback or complaints, monitors the level of customer satisfaction, conduct ethical marketing, had advertising or customer engagement practices, manages the privacy and security of customer data,) and whether it takes any steps in relation to managing the potential impact of its products on customers/beneficiaries (i.e., it monitors customer outcomes and well-being and/or has a program to incorporate customer feedback and research into product design).

3.2 Validation of the B Impact Report and Call for Review

By filling in the questionnaire described above, the B Impact Assessment is completed and the B Impact Report is obtained, which shows the total score of the company’s impact in the areas analyzed. If it is higher than 80.0, the essential requirement to obtain accreditation as a B Company is fulfilled. Subsequently, the verification report must be completed, attaching the requested documents according to the answers given. Footnote 49 In addition, through an arranged video call, a B Lab personal advisor proceeds to “validate the report,” certify the answers, resolve doubts, and check the documentation provided by the company. The consultant can revise the score obtained by the company in the evaluation, upwards or downwards. If the score is still at least 80 points, the company moves to the last phase of the process. Otherwise, the assessor would work with the company and attempt to improve the different areas of the B Impact Report to increase the score obtained in the next assessment.

4 Formalization of the Certification Agreement, Declaration of Interdependence, and Payment of Fees

If the company exceeds the minimum score required in the B Impact Report to complete the process of qualification as a B Company, all that remains is to complete the various legal formalities and proceed to pay the fees.

4.1 Agreement for Certificated B Corps

The B Corp Agreement, Footnote 50 or Certified B Corporations™ is the contract signed between B Lab and the company interested in obtaining certification as a B Corp, where the rights, duties, and obligations of the parties are listed. The agreement begins with an introduction naming both parties. On the one hand, Lab B is the nexus of the organization, and on the other hand, the company with which this agreement is signed is a B Corp.

This agreement (“Agreement”) sets forth the terms under which _______________ (the “Company”) will pursue Certification / Recertification as Company B and B Lab will authorize the Company to use certain intellectual property rights.”

The “Agreement” continues explaining who B Lab is and the mission it fulfills:

B Lab is a nonprofit organization dedicated to using the power of business to solve social and environmental problems. B Lab drives systemic change through several interrelated initiatives:

  • Building a community of Certified B Corporations to make it easier for all of us to see the difference between “good companies” and just good marketing;

  • Passing benefit corporation legislation to create a new corporate form that meets higher standards of purpose, accountability, and transparency;

  • Driving capital to higher impact investments through use of its impact ratings and analytics platform;

  • Offering the B Impact Assessment as a free powerful tool to businesses to measure, compare, and improve their social and environmental performance.

The duration of the credential granted is two years. Once this time has elapsed, you will have to go through the recertification process again, by undergoing the B Impact Assessment. In addition, during the two years as a B Corp, you may be selected (with a 20% chance of all certified companies) to undergo an on-site B Impact Assessment Review, which is considered more accurate than the original B Impact Assessment. The investigated company bears the cost of this review, which can range from USD 2500 to 5000 (depending on the size and location of the activities). As a rule, without malicious misrepresentation by the company, this review usually results in an adjustment of the score. If the score falls below the required minimum of 80 points for certification, B Lab allows 90 days to remedy the situation and provides the company with some recommendations to improve the score. If this process reveals that the company has made a materially false and deliberate misrepresentation of some aspects of its business, its certification as a B Corp is revoked.

4.1.1 Bylaw’s Modification

From the beginning of the B Corp movement, the modification of bylaws was considered an indispensable requirement for B Corps, especially as a tool to legitimize their social and environmental actions, even if they were against obtaining the maximum economic return for the members. The founders of B Lab, after analyzing different cases of companies, such as Ben & Jerry’s Footnote 51 and Whole Foods Market, Footnote 52 concluded that having leaders concerned with and committed to the environment was not sufficient. For a company to grow and endure over time, its value must be part of its corporate structure. Therefore, they proposed two bylaw amendments: the first aimed at broadening the company’s purpose, thus separating it from the constant pursuit of profit maximization, Footnote 53 and the second focuses on protecting managers in making decisions based on that corporate purpose. Footnote 54 With the adoption of these amendments, a company can meet the requirements of adopting the “Legal Framework for B Companies.” Specifically, within one year of certification, a copy of the company’s amended bylaws (adopted by a qualified majority) must be submitted to B Lab. If the company does not adopt this legal framework within this period, it cannot be re-certified as a B company. In the event of a change in corporate control or a public offering of its shares (“IPO”), the company must be re-certified within 90 days. In addition, owing to the legal differences between companies worldwide, the B Corp website has a “Legal Requirements Tool” that can be accessed to understand what structural changes or legal framework a company must have to become B Corp within the legal framework of the country. Footnote 55 In addition, as of 2021, B Lab imposes, as an indispensable requirement, that B Corporations certifying in a country with this approved legal status, Footnote 56 legally incorporate as such (or commit to do so within a maximum period of two years).Footnote 57,Footnote 58, Footnote 59

Under this “Agreement,” the entity agrees to the requirements on the use of the trademarks and intellectual property owned by B Lab: Certified B CorporationMR, B Corporation™ Seal, and B CorporationMR. Footnote 60 In addition, the company agrees that B Lab may use its name and logos to promote the interests of the B Corporation community and the movement initiatives they sponsor.

4.2 Declaration of Interdependence

To obtain B Corp certification, another document that the company must subscribe to is the “Declaration of Interdependence” as a restatement of the fundamental message and idea of B Corps. Specifically, the company is committed to using the power of the market as a force for positive change in the world, with a common purpose of generating benefits for all stakeholders, thus establishing itself as a driver of global change in the way business is done. In this statement, the company also commits to disclosing sales and paying the corresponding fees annually.

4.3 Jurisdiction and Exclusion of Liability

Apart from other additional terms and sections that complete the agreement for B Corps, the contractual regulation of the jurisdiction to which the agreement is subject is particularly important. Specifically, the fifth point entitled “applicable law” states that all legal relations shall be governed in accordance with the laws of Pennsylvania, establishing a clause excluding any other jurisdiction. This clause, signed by two companies, is considered valid and is not subject to the regulations that protect consumers in their contractual relationships. Therefore, it is important for entities that want to obtain certification as B Corps to know that in case of any dispute arising from breach of contract or agreements signed, Pennsylvania law will apply. In other words, for a legal claim, it would be necessary to go to Pennsylvania courts, with the high cost that this could entail. Finally, a liability exemption clause is added on the part of B Lab in which they are exempt from any liability, except for fraudulent misconduct or gross negligence on their part (in such case, they will only be liable for the refund of the fees paid by the company).

4.4 Fees Payment

Once B Lab and the company sign the above contractual documents, the last step to obtain the B Corp certification is the payment of the first annual fee. The fees are published on the B Lab website and are listed in Table 1. Footnote 61

Table 1 Annual Fees for B Corp Accreditation. Source: The B Corp Website
Full size table

5 Conclusions

In this study, we explored the private B Corps certification process, which drive a worldwide social and environmental movement that has experienced exponential growth of more than 30% in the last three years. Having analyzed the origin, structure, and evolution of the B Movement promoted by B Lab, we must conclude by pointing out that it appears to be a strong, expanding network with a growing number of participants.

Certified B Corps represent a hybrid structure between purely for-profit companies and social economy entities, which have decided to obtain this private certification to confirm that they are willing to change their way of conducting business and pursue objectives that go beyond economic ones.

B Corps are companies that have obtained B Corp certification after successfully completing the “B Impact Assessment.” Once the content of the different areas of the assessment has been analyzed, it can be seen that the questions are reasonably well chosen and accurate, providing a good picture of the social, environmental, and economic impacts of the company. Furthermore, the B Impact Assessment is a methodical, complex, and customized survey according to size and sector. Objectively, this appears to be an efficient system for assessing a company. Moreover, even for companies that do not achieve certification (only 12% of the companies that initiate this questionnaire do so), it can be a good mechanism to learn about their strengths and weaknesses, as well as their areas for improvement.