Why Veris is a B Corp
By Nicole Davis, Partner and Senior Advisor
Veris Wealth Partners is a Certified B Corporation because we believe in the power of business as a force for good. We are proud of our B Corp status and the growth we have seen within this movement continues to inspire us. When our firm first earned certification in 2011, there were only 400 B Corps in the world. As of today, there are over 8000 companies representing over 150 industries in the global community of Certified B Corps.1
There are many reasons why a company might consider becoming a B Corp. Certification offers a variety of benefits, not only to the companies that go through the process, but also to the employees who work for them, the communities they are part of, and to the environment. Here are a few examples of the benefits of B Corp Certification that we have seen at Veris.
Regular assessments help us track our impact and improve.
The B Corp framework helps us track our impact on an ongoing basis and make improvements across every aspect of our business. B Lab Global also shares profiles of all current B Corps on their website so that companies can easily compare their impact against other organizations.
To maintain B Corp status, a company must regularly undergo the B Impact Assessment process. The B Impact Assessment is a digital tool designed by B Lab to help companies measure, manage, and make changes that help them make a more positive impact on the environment and their employees, clients, suppliers, shareholders, and communities.2 Veris Wealth Partners recently completed the B Impact Assessment and our firm’s Overall B Impact Score is 144.8.3
B Corp’s framework offers guidance on sustainability & responsibility issues that can be helpful to businesses of any size, industry, or geographic location.
B Corp’s framework was designed to offer useful guidance to many different types of businesses that seek to follow the best practices for responsible and sustainable business. We believe that the B Corp framework is a valuable tool for any company that wishes to improve its operations – whether it is a small, founder-led venture or a multinational corporation.
We build relationships with other B Corps.
Being part of this amazing community also grants us the opportunity to engage with business leaders who share our vision for the future and to have meaningful conversations about what it takes to be a sustainable and responsible business in today’s rapidly changing world. Being part of this community also helps us discover and connect with potential partners, vendors, and collaborators that share our commitment to sustainability and responsibility.
Certified B Corporations share knowledge, answer questions, and trade examples of initiatives that worked with other companies in the community.
B Corps learn from each other. Within the community, you can find other B Corps that truly understand your unique challenges because they are in the same industry or are the same size or operate under the same state laws and are also trying to be a force for good in the world. You can ask questions and receive helpful guidance from other business leaders who have struggled with similar issues.
We help each other solve challenges by offering examples of innovative programs in action and data showing the real impact of those efforts. By sharing what has worked for your business, you can inspire other companies to make improvements that benefit both people and the planet.
Certification is validation of an organization’s commitment to creating positive change.
B Corp status signals that you are in business for the benefit of all stakeholders – your employees, community, and the environment – not just your shareholders. Earning B Corp Certification is third party validation that your business is actually walking your talk – which is especially important in this time of rising levels of greenwashing and impact washing.
We believe the B Impact Assessment process can be helpful for any business.
Even if you are not yet ready to become a B Corp, we believe there is significant value in undergoing the B Impact Assessment process, measuring your impact, and seeing where you can make improvements.
We think that learning what really good companies are doing for their employees and comparing your efforts against your peers can help business leaders make improvements that may bring benefits for your business and every stakeholder that is impacted by what you do.
How to Become a B Corp
If you are ready to take the next step, connect with B Lab – the nonprofit organization that certifies B Corporations around the world. Your company will need to take several steps to prove to B Lab that your business is eligible for certification:
- “Demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing (B Lab’s) risk review. Multinational corporations must also meet baseline requirement standards.
- Make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation status if available in their jurisdiction.
- Exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.”4
Learn more about B Corp eligibility and the pathways to becoming a Certified B Corp from B Lab.
Nicole Davis is a Partner and Senior Advisor at Veris Wealth Partners. Learn more.
The information above is provided for informational purposes only and solely reflects the views of the authors. Additionally, this document contains information derived from third party sources. Although we believe these third party sources to be reliable, we make no representations as to the accuracy or completeness of any information derived from such third-party sources and take no responsibility therefore.
