Italy-based bioplastics manufacturer Novamont has earned B Corp Certification from the nonprofit, independent B Lab, joining an international community of over 3,400 companies spanning 150 industries. B Corps meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.
They are leaders of a global movement of people who have pledged to use business as a ‘force for good’. The certification establishes that in addition to generating profit for shareholders, B Corp companies also create a positive impact on society and the environment, thus building a more inclusive and sustainable economy.
Its directors must adhere to strict guidelines and report annually on the impacts generated. This significant paradigm shift represents an opportunity not only for individual companies but also for the qualification of entire industries.
The B Corp system provides a rigorous certification tool for the objectives and systemic results of Benefit Corporations. A company receives B Corp status via certification, which is a rigorous process that includes a comprehensive third-party assessment of social and environmental performance on a range of metrics.
Only a fraction of applicant companies receive B Corp status on their first try and, over the years only 2.8% of the 120,000 companies analysed by B Lab over the years have scored over 80, the threshold required to obtain certification.
With a score of 104, Novamont has firmly established itself part of this global movement that is rewriting the way of doing business in the world. Upon certification, a company signs the Declaration of Interdependence and pays annual certification fees, which are calculated proportionately based on the company’s annual sales.
Novamont has also amended its company statute to acquire the legal form of a Benefit Corporation.
“B Corps represent a complete paradigm shift which looks at companies as a force for regeneration and urges us to rethink the role of businesses in society to go well beyond today’s profit, and to ensure transparency and value across local area,” said Catia Bastioli, CEO of Novamont.
“We hope that the path undertaken by Novamont to obtain this important certification that assesses and reports on environmental and social impacts can be shared by an increasing number of companies and become a distinctive feature of our industry.”