B Lab AANZ | Can Business Exist for Impact over Profit?

Are you seeing the Certified B Corporation stamp popping up on your social channels, or on the products you’re buying? Well, that’s no surprise! As of February 2024 there are over 8,000 Certified B Corporations across 162 industries and 96 countries, with 750 of those belonging to Australian and Aotearoa New Zealand businesses. (Source).   So who is undertaking the monumental task to review, assess and coordinate these businesses into a single, streamlined standard and why?   In this episode Kiarne is joined by B Lab AANZ CEO, Andrew Davies for a master conversation on the role of business in society and how BLab is challenging the idea that businesses exist solely for the purpose of profit.    The pair reflect on the history of business and social norms, and what it means to create an economy that is inclusive, equitable and regenerative in today’s society - and exactly how B Lab fits into it all.    Andrew shares how B Lab AANZ and their global counterparts take a holistic approach to certification and view, where they operate through their levers of change - design, culture and structure. He highlights the challenges many businesses face when confronted by the ever-evolving ESG landscape and the mounting expectations of customers, employees and investors alike.    We’re experiencing a monumental moment in time and businesses need to be taking tangible, verifiable action for change. By starting with the B Impact Assessment, business leaders can identify and begin to rectify the gaps.    Plus, the two discuss the very real risks and criticisms that come along with trust marks like the B Corp Certification, what happens when they are seen as greenwashy and how the organisations setting the standards need to be constantly evolving in order to keep the very best players at the top.    If you’ve ever considered starting the B Corp certification process or ever wondered what it’s all about, then this chat is for you!  Key Discussion Points:  What is B Lab: Exploring the organisation, its history and principle pillars in business and design. Why B Corp: The trends of who seek out the certification, the dangers of greenwashing, and importance of building trust through accountability.    Green Claims: Determining the gaps and recognising the grey areas. The growing incentive for bigger businesses to become part of the movement.    Evidence and Measuring Success: Capturing the breadth of impact through a holistic approach and taking a closer look at the roles of regulation and reform leading to impactful change.    Criticism: How perception affects the process, and the challenges of transforming something intangible into positive improvement.    Rapid Change and Communication: Redefining the norms around good business and having the important conversations. Advice and Business: Engaging with an open-mind and leading with conviction, humility and curiosity.  MENTIONS: Lorna Davis: A guide to collaborative leadership Gender Pay Gap data Milton Freeman - Stakeholder Theory  Simon Sinek - The Infinite Game B Lab UK - The Purpose Dividend   LINKS: Learn more about SustainabilityTracker.com  Learn more about The Sustainable Transformation Podcast Follow The Sustainable Choice Group on LinkedIn, Instagram, and TikTok Learn more about B Lab Australia and Aoteatora New Zealand: https://bcorporation.com.au/ Follow B Lab Australia and Aotearoa New Zealand on LinkedIn, Instagram, X and Facebook. Follow Nova Podcasts on Instagram for videos from the podcast and behind-the-scenes content – @novapodcastsofficial   CREDITS: Host: Kiarne Treacy Find more great podcasts like this at novapodcasts.com.au Nova Entertainment acknowledges the traditional custodians of the land on which we produced this podcast, the Wurundjeri People of the Kulin Nation. See omnystudio.com/listener for privacy informationSee omnystudio.com/listener for privacy information.