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With social chasms widening and climate change intensifying, it has never been more important to reframe what it means for businesses to “do good” in an ever-changing world. Today, we’re joined by Clay Brown from B Lab Global to discuss how we can transform the global economy from a system that profits a few to one that benefits all people, communities, and the planet.
As Head of Standards, Certification, and Product Delivery for B Lab, Clay plays a critical role in evolving, growing, and scaling new and existing programs, products, and tools, including the B Corp Certification, which B Lab is perhaps best known for. In this episode, he outlines the evolving B Corp Certification standards and explains how B Lab is adapting and advancing its performance requirements to not only meet the needs of the moment but also optimize the movement for the future.
Clay believes that a different kind of economy is not only possible but essential and that B Corp Certification plays a critical role in advancing a new model that moves from concentrating wealth and power to ensuring equity and serves as a guide for businesses across the world that are joining the movement to prioritize purpose over profit.
The latest draft of the new standards for B Corp Certification are now open for a public comment period inviting feedback through a new, interactive website from today through March 26th, 2024. If you’re interested in shaping the future of the B Corp movement, now’s your chance to offer feedback!
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Key Points From This Episode:
• Ways that Clay has worked with businesses to improve their social and environmental performance for the past 20 years. [0:02:59]
• An overview of B Lab’s mission and the standards they hold businesses to. [0:06:47]
• How the “ambitious but achievable” B Corp Certification standards are evolving. [0:10:00]
• The important role of community and stakeholder feedback, contextualization, and practicing what you preach. [0:17:45]
• Why adapting and advancing standards is necessary in an ever-changing world. [0:21:11]
• Clay addresses criticism of B Lab in response to Nespresso’s B Corp certification. [0:24:53]
• How the revised standards will maintain a robust focus on paying a living wage while also taking the realities of running a large business into account. [0:34:10]
• What success looks like for B Lab and how the B Corp standards can serve as a guide for all kinds of businesses. [0:37:42]
• Ways to help B Lab transform the economy by thinking about business differently. [0:39:52]
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Quotes:
“It is not only possible but – imperative that business becomes a force for good in the world. [B Lab’s] vision is of an inclusive, equitable, and regenerative economy, so we’re driving for economic system change.” — Clay Brown [0:07:19]
“It’s very important that we set targets and that we set the bar appropriately, but we also want to make sure that companies are able to achieve the standard. We’re ambitious but achievable.” — Clay Brown [0:14:46]
“It is possible for all companies to have a positive impact. It’s not just companies in the US with five employees or a history that is aligned with our mission. Other companies should be able to improve, even if it’s going to be very hard for them.” — Clay Brown [0:20:25]
“Our effort here is to create change. Change takes time. Change takes tradeoffs. Change takes commitment.” — Clay Brown [0:36:36]
“We are conditioned and trained and structured to think about business in a certain way. We’re trying to get you to think about it in a different way. Explaining that to your friends, family, and colleagues is one of the biggest things we can ask any listener to do.” — Clay Brown [0:41:22]
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Links Mentioned in Today’s Episode:
B Lab Global: https://www.bcorporation.net/
B Lab Stakeholder Consultation: https://www.bcorporation.net/en-us/movement/stakeholder-governance/
Clay Brown on LinkedIn: https://www.linkedin.com/in/clay-brown-a3969863/
Fairtrade International: https://www.fairtrade.net/
More details on public review period from B Lab: https://www.bcorporation.net/en-us/news/press/b-lab-launches-public-consultation-on-b-corp-standards/
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