The Star-Ledger explains that a growing number of businesses are volunteering for social responsibility standards from organizations like suburban Philadelphia-based B Lab, and some states are setting their own criteria.
Four companies in New Jersey currently participate in the B Lab program and voluntarily undergo assessments to preserve a happy and healthy marriage between their profits and their mission. The nonprofit claims its member companies earn $2.9 billion in revenue, represent 60 industries and save $2 million annually by making socially and environmentally responsible business decisions.
While no multinational conglomerates have gotten on the benefit corporation bandwagon yet, Seventh Generation, a Vermont-based natural household products manufacturer, is one of B Lab’s largest members and a founding company. The firm sells its cleaners and personal care items in major retailers like Stop & Shop, Target, Walmart and ShopRite.
New Jersey is one of seven states to grant benefit corporations some legal recognition and create its own methods for gauging how effectively they help the community.
Original source: The Star-Ledger
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