In order for more and more businesses, individuals and institutions commit to increasing their positive social and environmental impact, we need to bring the public and private worlds together, we need to promote public policies, and we need more people, wherever they are, willing to make this change in the economy possible.
That’s why Sistema B is promoting the creation of a BIC (benefit and collective interest) Law for each country so that there is a legal recognition of the companies willing to increase their positive impact. There is a Legal Group in Latin America already working to make it a reality as soon as possible.
But these efforts are not enough for us: we also need cities to make this change and help to create an ecosystem and more aware citizens. That’s why we bet on Cities+B.
BIC Companies Law
The bill that Sistema B is promoting has the following features:
- The purpose of the company widens and is defined by the pursuit of a triple impact: on the economy, society and environment.
- The obligations of administrators increase, since they must consider the medium and long-term interests of the players connected to the business, including shareholders, workers, consumers, the community where the company and its subsidiaries operate and the local and global environment.
- The company must prepare annual reports on the progress of its triple impact which must be based on standards developed by independent people that enable the assessment of the triple impact.
B Global Legal Community:
The B Global Legal Community’s goal is to promote an agenda that can influence the regulatory framework and public policies in favor of this movement.
In this Era of Sustainability, the main challenge for this group comprising more than 30 lawyers in the region is to modify the existing legal structures in order to support those shareholders willing to do business in a different way, i.e. having the triple (social, economic and environmental) impact as their purpose, be it in the very execution of their activities or in the way they do them. Therefore, the innovation will be to add this ‘purpose’ to the legal commitment of the company.
Know its members HERE
Cities+B is a collaborative platform between Sistema B and several international organizations dedicated to the sustainable economic development of cities. It encourages the cities of Latin America, companies and their networks to assess their social and environmental impact so that they can be aware of it and implement a improvement program in the city through their businesses using online tools that are known worldwide.
In Rio de Janeiro we had a pilot project called Rio+B, coordinated alongside with BMW Foundation, the Ellen MacArthur Foundation (world’s leading think tank in the circular economy concept), Rio Resiliente and the Rockefeller Foundation in collaboration with the municipality of the city of Rio de Janeiro and Liga de Intraempreendedores.
The companies that adhere to this commitment answer a brief questionnaire with 40 questions about five areas (governance, workers, community, environment and business model) and then some of these companies are monitored so that they design a plan of action to increase their positive impact on the city.
Rio+B is being implementing in 2016 and 2017 and there are more than 200 companies applying the tools and measuring their impact.
Thee city of Medellin in Colombia has already announced that it will join this project in 2017, being the second city to participate in Latin America.