Bancolombia is the third largest bank in Latin America, with assets of over $55 billion. Bancolombia wanted to understand how the companies in its supply chain are creating positive impact, improve the sustainability performance of its supply chain, and strengthen the bank’s relationship with its suppliers.
After evaluating numerous impact assessment tools used by banks and corporations, Bancolombia chose the suite of B Impact Management tools - the B Impact Assessment and B Analytics - as the best solution to fulfill its objectives. This suite of tools provides Bancolombia with a self-assessment platform for suppliers that goes beyond environmental, social, and governance (ESG) evaluation, providing a holistic view of the impact of the bank and its network on the local community and stakeholders. The B Analytics platform has also allowed the bank to focus on impact improvement with the businesses in its supply chain, enhancing supplier relationships.
In 2011, an organic baby food company named Happy Family Brands achieved B Corp Certification. Two years later, Happy Family was acquired by French multinational food corporation Danone. That acquisition marked the first connection between Danone and the B Economy and began a long-term process of exploration and education.
Now, Danone has multiple subsidiaries certified as B Corps, is making use of the benefit corporation legal structure in the United States through its subsidiary DanoneWave, is assessing and educating more business units using B Lab’s impact management tools, and is working to create more pathways for multinational engagement through B Lab’s Multinational and Public Markets Advisory Council. Moreover, Danone has become the first multinational corporation to publicly commit to pursuing B Corp Certification.
Download our case study on Danone to learn more about how and why Danone has engaged deeply in the B Economy and committed to pursuing whole-company B Corp Certification.
Influenced by subsidiary Ben & Jerry’s, a Certified B Corp since 2012, Unilever has been active in the B Economy since 2015. That year, CEO Paul Polman announced Unilever’s participation in B Lab’s Multinational and Public Markets Advisory Council (MPMAC), stating that “the B Corp movement is a critical part of the shift to a more inclusive and purpose-driven economy, which is unquestionably needed.”
Since then, alongside its work to develop a meaningful path to B Corp Certification for multiinationals as a member of the MPMAC, Unilever has continued to acquire Certified B Corps as subsidiaries, including Seventh Generation, Pukka Herbs, and Sundial Brands, with whom they launched a $50 million fund to empower black women entrepreneurs.