It’s as Easy as 1-2-3:
Step 1: Meet Performance Requirement
Complete the B Impact Assessment and earn a reviewed minimum score of 80 out of 200 points.
Step 2: Meet Legal Requirement
The value of meeting the legal requirement for B Corp certification is that it bakes sustainability into the DNA of your company as it grows, brings in outside capital, or plans succession, ensuring that your mission can better survive new management, new investors, or even new ownership.
The legal requirement:
- Gives legal protection to directors and officers to consider the interests of all stakeholders when making decisions;
- Creates additional rights for shareholders to hold directors and officers accountable to consider these interests; and
- Limits these expanded rights to shareholders exclusively.
We have not yet determined the legal requirements in South Africa
B Lab SA is working on doing the legal analysis in South Africa now in partnership with South African based law firm Bowmans. Until that path is determined, we shall build the language of the B Corp legal framework into the Term Sheet for B Corp certification.
The Term Sheet commits your company to consider stakeholders to the extent possible within the current corporate laws of your country; to support B Lab’s efforts to determine the most effective legal path for legal consideration of stakeholders in its governing documents; and, when a legal path is determined, to adopt that path by the end of the next certification cycle. Term sheets for countries without a determined legal requirement are below. For further clarification, please contact us at firstname.lastname@example.org.
Step 3: Make it Official
Sign the B Corp Declaration of Interdependence and Term Sheet.
Term Sheet Summary:
• Certification term is two years; after two year term, company recertifies
• Meet the performance requirement for B Corp certification
• Meet legal requirements appropriate for your particular corporate structure and country of incorporation
• Participate in an on-site review if randomly selected (10% of Certified B Corps randomly selected each year)
• Annual certification fees based on the tiered structure below
|Annual Sales ($)||Annual Certification Fee|
|$0 – $149,999||$500|
|$150,000 – $1,999,999||$1000|
|$2 MM – $4,999,999||$1500|
|$5 MM – $9,999,999||$2500|
|$10 MM – $19,999,999||$5000|
|$20 MM – $49,999,999||$10,000|
|$50 MM – $74,999,999||$15,000|
|$75 MM – $99,999,999||$20,000|
|$100 MM – $249,999,999||$25,000|
|$250 MM – $499,999,999||$30,000|
|$500 MM – $749,999,999||$37,500|
|$750 MM – $999,999,999||$45,500|
Until the formal launch of B Lab in South Africa in 2018, all companies that certify are eligible to become a “Founding B Corp” in South Africa. All companies that certify in 2017 will receive a 50% discount on fees for 2 years. All companies that certify in 2018 will receive a 50% discount on fees for 1 year.