What does being a B Corp mean for Town?
POTENTIAL NEW CERTIFICATION EXPLAINED
JASON Stockwood and Andrew Pettit are closing in on their takeover of Grimsby Town, and they’ve got plenty planned for the club going forward. The pair have set out a number of proposals – including the move to a new stadium and upgrades to the Mariners’ training facilities – for their stewardship, which is set to be confirmed following a general meeting g on May 5. As detailed in n the notice sent out to the club’s s shareholders, one of the proposals put forward is to establish Town as a B Corp – but ut what exactly does that mean? n? Here’s all you need to know…
What is a B Corp?
B Corporations are listed as businesses that balance purpose and profit, and are legally required to consider the impact of their decisions on their workers, customers, suppliers, community and the environment.
According to the B Corporation website, certified companies “meet the highest standards of verified social and environmental performance, public transparency, and legal accountability to balance profit and purpose.”
B Corps follow a set of values and aspirations set out in their own Declaration of Interdependence, which includes conducting business “as if people and place mattered” and acting with the understanding “that we are each dependent upon another and thus responsible for each other and future generations”.
How do you get certification?
Companies looking to be certified as B Corps are measured by the B Impact Assessment, which evaluates how the operations and business model impacts its workers, community, environment and customers.
They must complete the assessment, as well as meeting the legal requirements w which involves di directors and of officers taking in into co consideration th the interests of al all st stakeholders, no not just sh shareholders. Companies th then undergo a verification process to determine if they meet the requirements for certification, which includes background checks which take into account public records, news sources and search engines for company names, brands, executives/founders, and other relevant topics.
Should the company meet all the requirements, they will be required to sign the Declaration of Interdependence, sign the B Corp agreement, and pay an annual certification fee, which is calculated depending on location and the company’s annual sales. To maintain certification, B Corps need to update their assessments and get them verified every three years.
What is Jason Stockwood’s involvement?
Stockwood sits on the UK board of B Corp is a B Lab trustee, while Simply Business – of which he is vice-chairman and the former CEO – were given certification after being voted as the number one ‘Best Place to Work’ in the UK by The Sunday Times in both 2015 and 2016.
Speaking after joining the board of B Corp, Stockwood said: “I strongly believe that post-WW2 capitalism has proven to be the best model to help improve standards of living for many people. “However, we now have a greater understanding that on a finite planet with finite resources the model needs recalibrating. We need to think not only about growth and shareholders (who are important), but also how wealth is distributed more fairly and our impact on the environment.
“I believe business can be a force for good and B Corp has hit on the right model to amplify that impact.”
What does it mean for Town?
As part of the takeover, the club will take the provisions required for it qualify as a certified B Corp.
As per the notice sent out to shareholders on Saturday, directors will be required to consider all stakeholder interests, including:
•The need to foster the club’s business relationships with fans, suppliers and other relevant stakeholders
•The desirability of the club maintaining a reputation for high standards of business conduct
•The likely consequences of any decision in the long term
•The interests of the club’s employees •The need to act fairly as between shareholders of the club
•The impact of the club’s operations on the community and the environment
A fan survey is set to take place to gauge the opinions of supporters about the club and what improvements need to be made, and a full review of the club will be undertaken by the new owners as they work towards their new goals as a B Corp.