In November 2023, EXO Travel became a Certified B Corporation, an accomplishment that we are incredibly proud of. But what exactly is a B Corporation, and why is achieving and maintaining this certification both a significant accomplishment and an ongoing challenge?
At its core, a B Corporation (or ‘B Corp’) is a certification awarded to businesses that meet the highest standards of verified social and environmental performance, public transparency and legal accountability to balance profit and purpose.
The B Corp certification is administered by B Lab, a nonprofit organisation that serves a global movement of people using business as a force for good.
The ‘B’ in B Corp stands for ‘Benefit for All’. This certification signifies that a company is not just in it for the financial gains but is also deeply committed to making a positive impact on all stakeholders, including workers, communities, customers and the environment.
How does a company become a Certified B Corp?
The journey to becoming a Certified B Corp is rigorous, involving an in-depth assessment of the company’s impact.
This comprehensive evaluation measures a company’s performance across five key areas: governance, workers, community, environment and customers.
To qualify for certification, a company must score at least 80 out of 200 points on the assessment. However, achieving this score is just the beginning.
The company must also provide evidence of socially and environmentally responsible practices and amend its corporate governance structure to legally include their commitment to all stakeholders, not just shareholders.
The importance of becoming a B Corp
Becoming a certified B Corp is a testament to a company’s commitment to not only excel in its field but also to elevate its positive impact on society and the planet.
This certification sends a powerful message to customers, employees and the business community about a company’s values and dedication to doing good.
Additionally, the process of becoming a B Corp can catalyse meaningful organisational change, pushing companies to innovate and improve their social and environmental practices.
It encourages businesses to think long-term, fostering a culture of responsibility and sustainability that goes beyond short-term gains.
The Challenge of Remaining a B Corp
Achieving B Corp certification is a significant milestone, but the journey doesn’t end there. Maintaining this status is an ongoing challenge that requires a deep commitment to continuous improvement.
B Corps must recertify every three years, demonstrating that they are not only upholding but also advancing their social and environmental performance.
The dynamic and evolving nature of the B Impact Assessment means that companies must stay on top of best practices and strive for constant improvement.
This continuous pursuit of excellence ensures that B Corps not only keep pace with but also lead the way in responsible business practices.
EXO Travel is a premium Destination Management Company (DMC) providing bespoke travel solutions for tour operators and travel agencies across a growing portfolio of destinations including Thailand, Vietnam, Cambodia, Laos, Myanmar, Malaysia, Singapore, Indonesia, Japan, Korea and Saudi Arabia.
Established in 1993, we’ve harnessed in-depth local knowledge and a widely-recognized penchant for authentic, groundbreaking touring to become a leading DMC for the premium travel market. As a certified B Corporation, EXO is also demonstrably committed to sustainability and using travel as a force for good.
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