At EXO, we have always challenged ourselves to not only excel in our work but also in our positive impact on our people, communities and the environment.
To further engage our company and employees on the path to being a more sustainable, socially responsible business we have sought out relevant training paths and certifications. Through these tools, EXO has made great strides on our sustainability journey.
B Corporation is one such certification. In comparison to certifications which address specific issues or sectors, B Corp stands out for its holistic and comprehensive approach to sustainable business. As well, it requires a change of the company’s legal structure to guarantee their mission is protected by taking into account purpose in addition to generating value for stakeholders.
The certification is issued by a nonprofit organisation that aims to transform the global economy to benefit all people, communities, and the planet.
‘By pursuing B Corp certification, EXO aimed for a transformative change: uniting shareholders and employees and having them aligned with Purpose’
Going Beyond
One of the key distinguishing features of the B Corp certification is its applicability across all sectors. From manufacturing and technology to services and retail, any for-profit company can pursue B Corp certification provided it meets the rigorous standards set forth by B Lab.
This universality underscores the principle that every business, regardless of its sector, has a role to play in addressing social and environmental challenges
Alexandra Michat, EXO’s Chief Purpose Officer, explains, ‘By pursuing B Corp certification, EXO aimed for a transformative change: uniting shareholders and employees and having them aligned with Purpose. Embracing B Corp certification enhanced the company’s structure at all levels making it possible to drive impactful change‘.
Governance
Another unique- and important- requirement of B Corporations is stakeholder governance.
B Corp mandates that certified companies prioritise stakeholder governance, embedding it in their company’s legal framework. By doing so, the company must consider the impact of their decisions on all stakeholders (workers, communities, customers, suppliers, environment) beyond just shareholders.
This approach aims to maintain mission integrity, ensure consistency in stakeholder governance through changes in leadership or ownership and provide flexibility in financial decisions. It advocates for a broader responsibility towards creating long-term value for all involved, positioning businesses as forces for good and promoting an economy that benefits everyone.
A Holistic Framework
B Corp evaluates the social and environmental performance of a company through the B Impact Assessment. There are five key impact areas:
- Governance: Evaluates the company’s accountability and transparency practices.
- Workers: Assesses how the company treats its employees, from compensation and benefits to employee engagement and satisfaction.
- Community: Looks at the company’s impact on the local community, including job creation, diversity, and economic impact.
- Environment: Measures the company’s environmental performance, including energy use, waste, and resource management.
- Customers: Focuses on the value created for customers, including product or service quality, safety, and impact.
‘Joining the B Corp global movement has opened us to a network of like minded companies beyond our industry, helping us to foster diverse partnerships’.
Why EXO pursued B Corp certification
As a B Corp, EXO has joined a global community committed to using business as a force for good. Not bound by industry or specific focus, the network and its members have greater opportunity to be influential and impactful.
As well, being a B Corp is embarking on a journey of continuous improvement. With the framework of B Corp in place, EXO has a clear roadmap for that journey as we strive to become an even more positive influence in our destinations, the environment and all of our stakeholders.
Alexandra adds, ‘Joining the B Corp global movement has opened us to a network of like-minded companies beyond our industry, helping us to foster diverse partnerships’.
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