Phos is B Corp certified
DOWNLIGHT manufacturer Phos has become B-Corp accredited, it has announced.
The Hertfordshire based company says the move is the logical next step for a company that has put sustainability at the heart of its strategy in recent years.
B Corp measures a company’s entire social and environmental impact. B Corp members must achieve certiain inclusive, equitable, and regenerative measures.
B Corp Certification is a designation that a business is meeting high standards of verified performance, accountability, and transparency on factors from employee benefits and charitable giving to supply chain practices and input materials.
In order to achieve certification, a company must demonstrate high social and environmental performance by achieving a B Impact Assessment score of 80 or above and passing a risk review.
Members must make a legal commitment by changing their corporate governance structure to be accountable to all stakeholders, not just shareholders, and achieve benefit corporation status if available in their jurisdiction.
They must also exhibit transparency by allowing information about their performance measured against B Lab’s standards to be publicly available on their B Corp profile on B Lab’s website.
B Corporations are expect to ‘be the change’ that we seek in the world. All business ought to be conducted as if people and place mattered.Through their products, practices, and profits, businesses should aspire to do no harm and benefit all.
‘To do so requires that we act with the understanding that we are each dependent upon another and thus responsible for each other and future generations.’
Based on its B Impact assessment, Phos earned an overall score of 80.7. The median score for ordinary businesses who complete the assessment is currently 50.9.
The company achieved a governance score of 16.3. This evaluates a company’s overall mission, engagement around its social and environmental impact, ethics, and transparency.
This section also evaluates the ability of a company to protect their mission and formally consider stakeholders in decision making through their corporate structure (e.g. benefit corporation) or corporate governing documents.