By Patricia Farrar-Rivas, CEO
Veris is very proud to again be named Best For The World by B Corp.
This is the second year in a row we’ve been recognized with this honor, which is given only to those B Corps that rank in the top 10% of all B Corps.
For those companies not yet a B Corp, we highly recommend careful consideration.
What is a B Corp?
Benefit Corporations are a unique form of corporate governance designed to create public benefit, which is defined as a material positive impact on society, the environment and community.
B Corps are certified by B Lab “to meet rigorous standards of social and environmental performance, accountability, and transparency.” According to B Lab, there are nearly 1,000 certified B Corps from 32 countries and 60 industries. The number is growing.
The Benefit of B Corp Status
For Veris, being a B Corp has many benefits.
First, it reinforces our values and our business practices, which are to promote positive social and environmental engagement through impact investing. Second, B Corp certification demonstrates to clients, investment managers, vendor partners and others our deep commitment to sustainability. Third, our employees love it. They want to work for a progressive company and play an active role in continuously improving Veris’ sustainability practices.
As a firm specializing in impact investing, our B Corp status synchs perfectly what we do: aligning wealth with values to create positive social benefit while focused on strong investment performance and profitability. Veris and B Lab share the same strategic mission.
For consumers, B Corp status is like a big, neon seal-of-approval. It empowers people to identify and engage with companies dedicated to sustainable business practices, including treating workers and communities with great respect.
Consumers can tell if a company is focused on impact by looking for the B Corp logo. It, along with the Best For The World logo, is viewable on Veris’ home page.
B Corp certification is a great sustainability road map and ongoing opportunity to become a more thoughtful company.
There are more than 200 evaluation points in any B Corp certification. We are audited to be recertified. This process motivates us to keep B Corp standards top-of-mind and integrate sustainability into every facet of our business.
B Corp certification makes us better in ways we couldn’t imagine.
To encourage community service we added 20 hours of paid Volunteer Time Off for all employees.
Reducing our carbon footprint, another goal to B Corp certification, led us down two productive paths.
First, we purchase carbon offsets. In 2013, we financed a tree-planting initiative in the Amazon Rainforest. To accomplish this, we worked with the Amazon Conservation Team (ACT), which helps conserve indigenous lands in this critical rainforest.
Second, we’re thinking more carefully about when we need to travel to a meeting. Increasingly we are using technology for face-to-face conversations, making us more efficient and effective.
Improving Vendor Partner Relationships
B Corp status extends beyond our office.
It also improves the way we manage relationships with our vendor partners. Under B Corp guidelines, for example, the purchase of office equipment should balance durability, quality/image, cost and sustainability.
The sustainability component of the office equipment purchases resulted in our switching from a national chain to Give Something Back, a Bay Area organization that donates 50% of its profits to organizations of our choice.
Similarly, if Veris holds a corporate event or party, we work with restaurants and caterers who are committed to sustainable farming practices.
Evaluating Impact Investment Managers
Finally, a B Corp status helps us choose and work with top impact investment managers – which is critical to our business.
Many investment managers say they follow Environmental, Social and Governance (ESG) practices, but our B Corp status gives us the insight to look more deeply and ask better questions.
We are now vigilant in our manager evaluations, and have deeper, hands-on experience in what it really takes to build successful high-impact companies.
The B Corp journey simply makes Veris better.
Why not start the process of becoming a B Corp today?