Certified B Corporations® (B Corps™ ) are for-profit companies that use the power of business to build a more inclusive and sustainable economy.
They meet the highest verified standards of social and environmental performance, transparency, and accountability. As of 2022, there are more than 4000 B Corps™ in 140 industries and 70 countries across the world. Check out the B Corp™ website for all certified B Corps™.
Learn more about B Corps™, why we certified, the assessment process and our continuous dedication to improvement below.
Measuring our B Corp Impact
Developing an impact report is a requirement from all B Corps, and is a reflection our dedication to upholding a standard of social and environmental performance, accountability, and transparency. However, it’s more than just a report to tick off the list. Our impact report helps us record, evaluate and improve on various projects, and tailor our B Corp strategy going forward. It helps set a benchmark for our Hives and helps lay out our plans for the future.
Discover what we’ve been up to since first accrediting and what our B Corp goals are for 2023:
B Corps™ are leaders of a global movement of people using business as a force for good™. During the assessment process we have amended our governance so that, by law, we must consider not just shareholder value, but the impact on our stakeholders – employees, customers, society and the environment.
The B Corp™ community works towards reduced inequality, lower levels of poverty, a healthier environment, stronger communities, and the creation of high-quality jobs with dignity and purpose.
Certified B Corporations® range from multinational corporations to wholly owned subsidiaries to small businesses serving local communities.
Since the business was started in 2012, Veramed has always stood for being better in every sense of the word. Our company culture is based on our values of integrity, collaboration and excellence, and this already runs through every business decision that we make.
As the business continues to grow and flourish, we want to ensure that we do not lose sight of our values. It’s also important to us that our work, contributing to the development of treatments that will improve healthy populations, has context and that social and environmental factors drive the business in the right direction.
But why take this one step further and seek accreditation? There are many benefits for our employees, our customers and the wider social environment in which we operate:
We are independently assessed – there’s no greenwash.
Many companies say they are sustainable or ethical and may be selective on how they substantiate that claim. B Corps(TM) are rigorously assessed every three years. Impacts are assessed and scored, and verification documents required to support our answers.
All B Corps™ are assessed publicly and anyone can review our points breakdown on the B Corporation® website. Our annual impact report also provides a detailed breakdown of social and environmental impacts.
We’re continually improving
B Corps™ re-certify every three years with an entirely new assessment. Between certifications we have strategic plans in place to improve our social and environmental impact so that we improve our score with every re-certification.
The rigorous assessment process measures a company’s performance in five categories: governance, workers, customers, community, and the environment. It uses credible, comprehensive, transparent, and independent standards of social and environmental performance.
The first step is completing a substantial questionnaire. This assessment takes into account the size, industry, and location of each business, which means our score and impact is as accurate as possible. It is one of the only certifications that is not for a product or service, but for the whole business behind the product or service.
Once the initial assessment is complete, businesses are assigned an analyst to verify answers and request any additional supporting documents. The final part of the process is a review call whereby the business provides clarification of any ambiguities and is given the opportunity to tell B Lab more about their perceived impact.
Veramed’s current score in our qualifying year is 92.4 with 80 points to qualify and a possible 200 up for grabs. What contributed to our score?
We gained lots of points in the Workers section. Our health and wellness initiatives, high to low pay ratio, employee benefits and ethically invested pension scheme all helped towards this.
We also scored highly in our impact for Customers, as our work contributes to the treatment of many life altering diseases.
We are delighted with our score so far, but we know there’s lots more to do. Here’s some areas we currently working on:
Quantifying our energy use across all sites
Educating teams more on inclusion and diversity
Working with local charities and communities
What does this mean for you?
Becoming a Certified B Corporation® is the foundation from which we want to grow and improve as a business. But it is not just about the assessment, we want our staff and our customers to support us and join the movement in making business a force for good.