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The Benefit In B Corps

In Vivo Explores B Corp Strategy And The Example Of Chiesi Farmaceutica

 
• By Ben Comer

Privately held Chiesi Farmaceutica, a global health care and biopharmaceuticals firm headquartered in Italy, became a certified B Corporation in 2019. The B Corp impact assessment framework helped Chiesi demonstrate its mission of becoming a “double purpose” business, one that executes on business objectives but also works to protect the environment and promote social justice. Will other companies follow suit?  

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In 2016, Italy became the second country, following the US, to recognize a new legal status for the “benefit corporation,” or “società benefit” in Italian. Benefit corporations, or B Corps, are for-profit organizations committed to balancing the profit motive with positive societal impact, beyond company walls. B Corps are not the only organizations that strive to improve environmental, social and governance (ESG) issues, of course – trillions of dollars in assets are tied to the corporate ESG agenda, a figure that’s expected to rise as a younger generation of investors enters the market.

B Corps are distinct from traditional companies with ESG programs in two key ways: by legal status, and by reporting...

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