As a standards-based organization, B Lab follows international best practices and guidelines for standards development to ensure the highest levels of effectiveness, fairness and credibility of the B Impact Assessment. A new version of the B Impact Assessment is released once every two years. The first version (V1.0) of the Developed Markets (DM) assessment was released on October 19, 2007 and V2.0 followed in January 2010 with two addenda focused on the green building and financial services industries. V3.0 was introduced in July 2011 and includes an assessment designed for companies in Emerging Markets (EM). Version 3.0 features integration with the IRIS taxonomy and the ability to rate a fund portfolio. V4.0 was introduced in January 2014. In V4.0 we reduced the number of questions in the operations section and increased the sophistication of the questions in the Impact Business Model Section.
All content and weightings of the assessment are governed by an independent Standards Advisory Council (SAC) made up of 18-20 members, each respected in the field for their wisdom and each with deep industry or stakeholder expertise. SAC membership is designed to have representation from individuals and organizations that both are materially impacted by the standards and have deep expertise in topics relevant to the ratings system. SAC membership application is open to the public via B Lab's website each term and all members and their affiliations are also made transparent. To see a current list of SAC and Advisory Committee members click here.
Prior to the release of each new version of the assessment B Lab conducts both a private beta and 30-day public comment period to ensure that B Lab's stakeholders are being recognized in the standards development process and the general public has the ability to review and provide input on proposed standards.
|Standards Advisory Council (SAC)||
Standards Advisory Councils (SACs) are independent governance bodies that develop and update the B Impact Assessments. Each SAC is comprised of industry leaders from sustainable enterprise, impact investing, government and academia. The Emerging Market and Developed Market SACs have authority over the content and weightings of the B Impact Ratings System. Recommendations from SACs require a two-thirds majority vote by the B Lab Board of Directors to overturn.
|Industry Working Groups||
Industry Working Groups are ad hoc committees comprised of industry leaders that advise the Standards Advisory Council on the development of industry specific addenda to the B Impact Ratings System. Previous working groups have focused on real estate, health & safety, and financial services. Recommendations from the Industry Working Groups require a two-thirds majority vote from the relevant SAC(s) to overturn.
|B Analytics Advisory Committee||
The B Analytics Advisory Committee includes investors, fund managers, and advisors who are leaders in impact investing and advises B Analytics management on product development, fundraising, and adoption.
|B Lab Board of Directors||
The responsibilities of B Lab's Board of Directors include:
1. Overseeing strategy, budget and operations of B Lab & GIIRS, including oversight of management, compensation, and development,
2: Play a leadership role in forming the Standards Advisory Councils and B Analytics Advisory Committee, provide oversight of their activities, and amend/approve their recommendations, and
3: Assist in identifying and cultivating potential philanthropic donors/investors to ensure funding of B Lab's operations prior to sustainability via licensing and ratings incomes. Only entity with fi duciary duty.