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V O L . X X V I I I N O. X I M AY 3 0 , 2 0 2 2 16 C O R P O R AT E R E S P O N S I B I L I T Y F O C U S Third-party validation B Corporations are for-profit compa- nies certified by the Berwyn, Pa.-based nonprofit B Lab to meet standards for social and environmental performance, accountability and transparency. A growing number of companies are engaged in the movement and more stakeholders than ever — employers, consumers, investors, business partners — look for that symbol. "It's a third-party validation that you're really doing what you say you're doing," says Bachelder. Rob Tod, founder of Portland- based Allagash Brewing Co., says the burden is also on the company to maintain the designation. "e challenge of being a B Corp is also the reason why the designation carries weight. It's not easy to maintain," says Tod. Allagash became a B Corporation in 2019. "We're in the process of re-certifying our business, which involves trying to quantify all of the good practices we have across our entire operation — and even involves the vendors we work with." New way of business Eleven Maine-based companies are certified and more have started the process. Others, like Mascoma Bank, are headquartered out-of-state but have a Maine presence. e certifying body, B Lab, was founded in 2006 with a vision of a new way of doing business. Unlike traditional corporations, B Corps are legally required to consider their impact on stakeholders, including workers, suppliers, community, con- sumers and the environment. e first 81 B Corps were certi- fied in 2007. Today, there are 5,000 B Corps spanning 79 countries, 154 industries and over 400,000 workers, according to B Lab. Companies undertake a rigorous "B Impact Assessment" that considers factors ranging from employee ben- efits and charitable giving to supply chain practices and input materials. e factors are designed to meet stan- dards of performance, accountability and transparency. It really resonates with the younger generation. — Todd Bachelder Mascoma Bank P H O T O / T I M G R E E N WAY Todd Bachelder, Mascoma Bank's Portland-based Maine market manager, says B Corp certification resonates especially with younger generations. Maine-based B Corporations Allagash Brewing Co. Androscoggin Bank Coffee By Design Conscious Revolution Cornerstone Financial Planning Great Works Internet Luke's Lobster MaineWorks ReVision Energy Tom's of Maine Wicked Joe E D I T O R ' S N O T E : See a more detailed list on Page 26 S O U R C E : MaineBCorps.com T odd Bachelder recalls an eye- opening moment about the B Corporation movement. He was about to take a position with Mascoma Bank as senior vice pres- ident and its Portland-based Maine market manager. His adult daughters asked why he chose Mascoma. He mentioned sev- eral factors. Among them? e bank was a certified B Corp. "Right away, the two of them went, 'Hey, that's cool!'" he recalls. A short time later, he met a group of exchange students at a local college. "ey asked what I did. I told them I was a banker and I mentioned B Corp," he relates. "Right away, exact same reaction. It really resonates with the younger generation." A handful of Maine companies are going through a rigorous certification process B y L a u r i e S c h r e i b e r with BE GOOD B CORP

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