B Lab or ‘Benefit’ Lab, the non-profit behind the B Corp certification, is called 'a Lab’ for a reason. B Lab’s social and environmental performance standards, which are at the heart of the B Corp moment, establish social, environmental and governance best practices. These standards are not static. Rather, they need to continually evolve in order to effectively differentiate leading companies and help others to improve their impact. This requires work in the Lab!
As per our prior post on this topic, in December 2020, B Lab announced a review of the standards to answer the question: ‘What does a responsible, sustainable business look like now and in the future?’. Through extensive engagement with stakeholders from around the world, B Lab’s Standard Advisory Council agreed on a framework for the new standards in 2021 and, after additional consultations, to a first draft of the new standards in November 2022.
The new framework identifies 10 key topics that are universally applicable and most relevant to achieving an inclusive, equitable and regenerative economy. Implementation of the new standards are expected to begin in 2024. If your company is already certified under the 'old' framework or are currently working toward certification, don't worry! B Lab will ensure the B Corp community has the time and information required to understand and adapt to the new standards.
Results from a preliminary stakeholder consultation which were released this month, suggest that the new standards are ambitious yet attainable and they make the standards for B Corp certification clearer. Feedback for the next (and final) iteration of the standards are due in Q4 2023. If you’d like to provide feedback follow this link.
Source: Images by B Lab, 2022