We are back with the second of three articles by Giorgio and Giovanna Spadoni, CEO and GM&DPO respectively, written during OMTRA Società Benefit's international experience at the i-Sigma Conference & Expo 2022, the unique industry exhibition dedicated to records and Information Management and secure data destruction.
Topic: the importance and value of Benefit Corporations and B-Corps in the Information Governance industry and beyond.
B-Corp Movement & Benefit Corporation as a new way to do business
OMTRA Società Benefit’s sustainable evolution is nothing new. Over the last 65 years, we have given opportunities to people with disabilities and difficulties to work in our company. Over the last 20 years, we have led conferences about corporate social responsibility. Now we are continuing to grow our commitment to social, and also environmental causes. Increasingly, we are counting NGOs, other benefit companies and charities among our suppliers and customers.
Our company has decided to implement radical sustainable solutions, starting with changes to our statutes and our corporate classification (from the Italian for-profit classification of a limited company “SRL” toward a “Benefit Corporation”), which is reflected in a change of the name of the company: now OMTRA S.r.l. Benefit Corporation.
Italy was the first country outside the United States to introduce a law allowing the creation of dual purpose companies (profit and positive social and environmental impact). To date, there are more than 2000 Benefit Corporations in Italy, including Eni Gas & Power, the internet provider Fastweb and the Dairy product and yogurt-maker Danone. OMTRA has not only carried out this step but it is the first company in the sector, and has started the process of measuring and verifying its performance with the certification body B-lab to obtain the B-Corp certification.
Some facts about the B-Corps: By the end of 2021, there were 4,602 B-Corps with a combined total income of 155 billion euros. Together, they employ more than 438,000 people. During the difficult year of 2020, 55% hired new employees and 66% increased turnover. In Europe there are 1,400 B-Corps with an income of 45 billion euros and 120,000 workers.
In Italy alone, there are 140 B-Corps with an income of 7.7 billion euros and 15,000 workers. During the pandemic and various lockdowns, the number of B-Corp companies in Italy increased by 29% in 2021. In addition, more than half of Italian B-Corps hired a new employee during the first “lock down” period. Among these B-Corps, Italy can boast some very important companies, such as the coffee company Illy Cafe, and pharmaceutical company Chiesi Farmaceutici and the fashion company Save the Duck.
Now we would like to explain why we decided to take this turning point.
After a full evaluation of our company and its activities, we decided to focus on three key points: Innovation, development and research.
We started this process by creating a new team formed by the board of directors of the company with experience in information governance and secure shredding with highly educated young professionals specialized in circular economy, chemical engineering, accounting, law, re-engineering of operations and digital marketing. This has led to a natural evolution of our corporate values and identity.
While it may sound difficult, this solution isn’t complicated and isn’t foreign or European in origin. Actually, it was inspired by innovators from the USA and represents the next natural evolution in business, management, awareness and corporate responsibility. Suffice it to say that as of today there are about 40 B-Corp banks that have opened in the United States.