Members of the SBA2030 initiative need to change their by-laws to enhance the board's social and environmental responsibility.
Based on the experience of B Corps, B Lab has developed standard by-law wording for different types of legal structure, to enhance this responsibility. This wording is also appropriate for SBA2030 members.
Should there be a possibility that companies may wish to become B Corps in the future, we recommend using the precise wording shown below. This will avoid further revisions later, since the B Corp requirements are very specific.
For SA/AG structures the changes are as follows:
1. Amendment to the Company Object:
The Company, by pursuing its purpose, shall, through its business and operations, strive for a material positive impact on the society and the environment.
2. Amendment to the duties of directors and managers:
In the decision process, the Board of Directors and the officers shall take into account the short- and long-term interests of the Company, its subsidiaries and their suppliers, and the object of the Company to create a positive material impact on society and the environment as well as the impact of their actions towards the relevant stakeholders, amongst others: (i) their employees and their workforce, (ii) their customers, (iii) the regions and communities in which they are active and (v) the environment (the "Stakeholders interests"). Nothing in this Article express or implied is intended to or shall create or grant any right or any cause of action to, by or for any person (other than the Company).