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Certified B Corps: An Examination of a Standard Based Approach to Stakeholder Governance

Adeyeye, Adefolake

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Abstract

In 2015, B Corp certification was launched in the UK. Since then, over 1,200 companies have adopted certified B Corps status. Most certified B Corps in the UK are small and medium-sized, with SMEs accounting for 99.9% of businesses in the UK. The B Corp movement seeks to change the economic system from a shareholder capitalism to a stakeholder economy. Certified B Corps adopt a stakeholder-driven mode towards ‘high standards of social and environmental performance, accountability and transparency’. The article explores the growth of the B Corp movement; issues around its standards; certification process, including the legal requirement; transparency; and governance. It examines the effectiveness of this standard-based approach for stakeholder governance. It argues that the certified B Corp creates an avenue for stakeholder governance. However, to fully realise the shift towards stakeholder governance, there is a need for greater work towards achieving accountability for all key stakeholders identified as shareholders, workers, community, environment, and customers.

Citation

Adeyeye, A. (2024). Certified B Corps: An Examination of a Standard Based Approach to Stakeholder Governance. European Business Law Review, 35(6), 755-778. https://doi.org/10.54648/eulr2024041

Journal Article Type Article
Acceptance Date Jun 9, 2024
Online Publication Date Oct 21, 2024
Publication Date 2024
Deposit Date Aug 22, 2024
Publicly Available Date Oct 21, 2024
Journal European Business Law Review
Print ISSN 0959-6941
Publisher Kluwer Law International
Peer Reviewed Peer Reviewed
Volume 35
Issue 6
Pages 755-778
DOI https://doi.org/10.54648/eulr2024041
Public URL https://durham-repository.worktribe.com/output/2763518

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