Takes Next Step to Certify Performance After Institutionalizing New Legal Structure as California’s First Benefit Corporation
Submitted by B Lab
Joins Community of 500 Companies to Redefine Success in Business
Today, Patagonia earned certification as a B Corporation, joining more than 500 leading businesses from 60 industries that share a common goal to redefine success in business.
“Patagonia’s strives not only to make the best product, but to build the best company,” said Jay Coen Gilbert, co founder of B Lab, the non-profit organization that certifies B Corporations. “Earning certification as a B Corporation, demonstrates that Patagonia is succeeding in their efforts not only to be the best in the world at what they do, but to be the best for the world in how they do it.”
Certified B Corporations meet rigorous, independent, and transparent standards of social and environmental performance. B Lab certifies sustainable businesses as the U.S. Green Building Council certifies green buildings, or Fair Trade USA certifies fair trade coffee.
“I learned at an early age that it’s better to invent your own game; then you can always be a winner,” said Patagonia’s founder Yvon Chouinard. “B Corps have invented their own game of business, a game in which the rules are no longer about maximizing value for shareholders, but about maximizing value for society. By playing this new game, and inspiring others to join us, we all win.”
“Registering as a benefit corporation enabled Patagonia to meet the legal requirements for certification and gave us a tool to maintain Patagonia’s environmental stewardship over time,” said Casey Sheahan, President of Patagonia. “Joining the growing community of Certified B Corps gives us a platform to leverage Patagonia’s leadership beyond the outdoor and apparel industries.”
About B Lab
B Lab: is a nonprofit organization dedicated to using the power of business to solve social and environmental problems. B Lab drives systemic change through three interrelated initiatives: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and just good marketing; 2) accelerating the growth of the impact investing asset class through use of B Lab’s GIIRS impact rating system by institutional investors; and 3) promoting supportive public policies, including creation of a new corporate form and tax, procurement, and investment incentives for sustainable business. For more information, check www.bcorporation.net.
B Lab is a nonprofit organization that serves a global movement to redefine success in business. It's vision is that one day all companies will compete not only to be the best in the world, but best for the world.
B Lab drives this systemic change through a number of interrelated initiatives: 1) building a community of Certified B Corporations who lead this movement and make it easier to tell the difference between â€œgood companiesâ€ and good marketing; 2) passing benefit corporation legislation to create a new kind of corporation legally required to create value for society, not just shareholders; 3) helping investors invest for impact through use of the B Analytics data platform; and 4) helping businesses measure, compare and improve their social and environmental performance through use of the B Impact Assessment as a free powerful educational tool.
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