Korea (Democratic People's Republic of)
Companies incorporated in this region are not required to change their company’s constitution and other documents as a condition to B Corporation certification. As part of the certification, companies would be agreeing to the following, per the contract for certification:
to the extent permissible under the region's law, to consider the impact of its decisions not only on shareholders, but also on its employees, customers, suppliers, the community, and the environment;
to use reasonable endeavours to support B Lab’s efforts to determine an effective legal mechanism to promote directors' consideration of the matters in item 1;
in the event that such a legal mechanism is established in this region, take such steps as are necessary to avail itself of such mechanism; and
in the event of a change of control of it, including a public offering, it will commit to recertify within 90 days of the effective date of the change of control.
B Lab has received advice that in order to include the requirement for B Corporations to change their constitution as part of the certification, a wider legislative amendment would be required to clarify the duties of, and provide greater comfort to, directors of B Corps in the region.
Sign up to our Insights newsletter, a monthly digest of the latest news on economic systems change from B Lab Global.