What We’re Reading: “Firms with Benefits”
This week the Economist writes about a business trend that is gathering speed across the country- Firms with Benefits. Savenia Labs, as you may know, is a Certified Benefit Corporation – which means we have taken on the responsibility to provide a measurable and meaningful public benefit through our work. This commitment includes taking into consideration our stakeholders and also the environment alongside profit in our legal documents. We have made it our mission to educate people about the energy efficiency of the products they use every day, helping them save money and energy while reducing pollution. Savenia Labs was the first Certified Benefit Corporation in Bethesda, MD and was also the first testing last lab to be certified in the United States. We are proud to be part of a movement that uses the power of the markets to make the world a better place.
This year, California became the sixth state in the US to create a legal classification for companies – Benefit Corporations. By registering as a Benefit Corporation, a company takes on a legally binding responsibility towards these commitments. The Economist reports that Patagonia – the popular apparel company – was the first company in California to take advantage of the new law and register as a Benefit Corporation. Yvon Chouinard, Patagonia’s president, wanted to solidify the company’s efforts to the community and the environment – and claims that his employees are happier and more productive because Patagonia works towards the greater good.
B Lab, the nonprofit driving the spread of Benefit Corporation laws across the country has now audited over 500 companies that account for almost $3 billion in revenue. By changing corporate culture, this movement can have a huge impact on the way business works in the United States. Patagonia’s involvement in this movement should only help accelerate this shift. You can read the Economist article here.
You can read more about the Savenia Labs mission and independent audit results on our website at http://www.savenialabs.com/savenia-labs-mission