Faro Energy honoured as Best for Governance by B-Corp,
Creating Powerful Governance Structures to Protect Company Mission
Evaluated by Comprehensive B Impact Assessment
12th June 2018
Today, Faro Energy was recognised for creating innovative governance structures to protect the mission of its business for the long term. The Best For Governance list is based on an independent, comprehensive assessment administered by the nonprofit B Lab. Honourees are featured on B the Change, the digital Medium publication produced by B Lab, at bthechange.com/bestfortheworld.
Faro Energy is honoured in the Best For Governance list, which includes businesses that earned a Governance score in the top 10 percent of more than 2,400 Certified B Corporations on the B Impact Assessment. The full assessment measures a company's impact on its workers, community, customers and the environment. To certify as B Corporations, companies like Faro Energy must complete the full assessment and have their answers verified by B Lab.
"We are all delighted that Faro Energy has been recognised again on B-Corp's "Best for the World" list 2018 for governance! We recently recertified as a B-Corp, and were reminded throughout that process of how being a B-Corp pushes us to think about what more we can do to put our values into practice. The standard is very high, so being in the top 10% is a real honour." Sarah Chapman, CEO, Faro Energy
The Governance portion of the B Impact Assessment evaluates a company’s overall mission, ethics, accountability and transparency. It measures whether the company has adopted a social or environmental mission, and how it engages its employees, board members and the community to achieve that mission. This section assesses employee access to financial information, customers’ opportunities to provide feedback, and the diversity of the company’s governing bodies. Honourees scoring in the top 10 percent set a gold standard for the high impact that business as a force for good can make around the world.
The 233 Best For Governance companies come from 77 different industries and 16 countries. B Lab simultaneously released separate lists recognising B Corporations as Best For The World Overall, Best For Environment, Best For Customers, Best For Workers and Best For Community, which can be found at bthechange.com/bestfortheworld. In autumn, B Lab will release the Best For The World: Changemakers and the Best For The World Funds lists.
Additional 2018 Best For Governance honourees include: Bridges Fund Management; Assurity Life Insurance Company; Firespring; and Facilities Management Services.
“With the rise of anger at a system that feels rigged, people are hungry for companies like Faro Energy, who are changing the system by building businesses that seek to create the greatest positive impact,” says Jay Coen Gilbert, co-founder of B Lab. “Best For The World is the only list of businesses that uses comprehensive, comparable, third-party-validated data about a company’s social and environmental performance. As consumers, talent and investors increasingly demand transparent, values-aligned businesses to buy from, work at and invest in, companies will need to not just the best in the world but the best for the world, and not just to be nice but to be the most successful.”
Nearly 1,000 Certified B Corporations were named 2018 Best for the World Honourees, including: Patagonia; King Arthur Flour Company; Green Mountain Power; and the United Kingdom’s Charity Bank. Fifty-two countries are represented, including Denmark, India, South Africa and Taiwan. The selection criteria for Best For The World honourees are available at https://bit.ly/2IgAzF5.
Today there are more than 2,400 Certified B Corporations across more than 150 industries and over 50 countries, unified by one common goal: to redefine success in business. Any company can measure and manage social and environmental performance at http://bimpactassessment.net.
B Lab is a nonprofit organisation that serves a global movement of people using business as a force for good. Its vision is that one day all companies compete not only to be the best in the world, but the best for the world and society will enjoy prosperity for all for the long term.
B Lab drives this systemic change by: 1) building a community of Certified B Corporations to make it easier for all of us to tell the difference between “good companies” and good marketing; 2) passing benefit corporation legislation to give business leaders the freedom to create value for society as well as shareholders; 3) helping businesses measure, compare and improve their social and environmental performance with the free B Impact Assessment; 4) driving capital to impact investments through use of its B Analytics and GIIRS Ratings platform.
For more information, visit http://www.bcorporation.net.
B the Change is a Medium publication, produced by B Lab in collaboration with the community of Certified B Corps and the movement of people using business as a force for good.
B the Change exists to inform and inspire people who have a passion for using business as a force for good in the world. Because we believe that storytelling is an essential element in the transformation of business and society, we commit ourselves to telling the most compelling stories possible to the largest audiences possible to propel the movement of business toward its destiny as a powerful force for good. We want to dramatically broaden and deepen engagement with entrepreneurs, managers, employees, investors and citizens in one of the most important discussions of our time.
Read all B the Change stories at http://www.bthechange.com.