We are thrilled to announce that Local Food Lab, Inc. is now an officially certified B Corporation! See the results of our assessment here.
"B Corporations are a new kind of company which uses the power of business to solve social and environmental problems.
There are currently over 660 Certified B Corporations from sixty industries.
B Corporations meet higher standards of social and environmental performance,
transparency, and accountability.
It’s like a LEED certification, but for a business, not just a building (or Fair Trade certification, but for a business, not just a bag of coffee).
The performance standards are comprehensive and transparent. They measure a company’s impact on its employees, suppliers, community, and the environment.
Unlike traditional corporations, Certified B Corporations are legally required to consider the impact of their decisions on their employees, suppliers, community, consumers, and environment.
In the long term this commitment to higher standards will lead to a legally recognized new corporate form called Benefit Corporation (like a C corp or an S corp) as well as tax incentives, procurement preferences, and a social stock exchange for sustainable businesses.
As of January 2013, 12 states (CA, NY, MD, VT, VA, NJ, HI, IL, PA, LA, MA, SC) have already passed Benefit Corporation Legislation, and 14 more are working on it. The city of Philadelphia also passed a tax break for Certified B Corporations in December 2009, and in April 2012, San Francisco passed legislation giving procurement incentive to Benefit Corporations in the Bay Area."
To learn more about becoming a B Corp visit http://www.bcorporation.net/.