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Davines becomes a Benefit Corporation!

COMPANY NEWS

What does this mean and what are the differences with respect to the B Corp certification? Here are the answers to your questions.

Another step forward

On September 19th 2019, Davines became a Benefit Corporation. It is a change in the company by-laws that certifies - also at a legal level - the values that have always been embraced by the Company and that led to the B Corp certification in 2016. 

 

Davines also becomes a Benefit Corporation whose general purpose is pursuing - in addition to the business goals that are typical of companies - common benefit objectives and operating in a sustainable and transparent way towards people, communities, land and environment, assets and cultural and social activities, entities and associations, as well as other stakeholders.

Excerpt from the new Davines By-laws

What does being a Benefit Corporation mean?

A Benefit Corporation is a legal form that redefines its purposes in its by-laws.  

  • Benefit Corporation
  • B Corp
  • Standard Company

When a company decides to become a Benefit Corporation, it reinforces in its by-laws the commitment to operate not only for profit, but also for the benefit of the Planet and the community.

B Corp choose to distribute the value they create not only among shareholders, but also among all stakeholders: employees, suppliers, the local community where the company operates, the environment.

Its purpose is doing business distributing profits and dividends among shareholders. 

STANDARD COMPANY 


Its purpose is doing business distributing profits and dividends among shareholders.   

B CORP 


B Corp choose to distribute the value they create not only among shareholders, but also among all stakeholders: employees, suppliers, the local community where the company operates, the environment. 

BENEFIT CORPORATION 


When a company become a Benefit Corporation, it reinforces in its by-laws the commitment to operate not only for profit, but also for the benefit of the planet and the community.   

  • Planet
  • People
  • Community

Planet

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Planet

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Planet

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Our commitment for the future

It is necessary to underline that even if Davines has become a Benefit Corporation, it remains a B Corp


The change in the by-laws is meant to bind us further not only in the present, but also in the future to keep our commitment for the benefit of the people, the community and the planet. 

Changing the paradigm

The concept of Benefit Corporation was born within the B Corp movement because many entrepreneurs felt the need to have their commitment not only audited by a private body (B Lab), but also acknowledged and protected at a public level. 


The Benefit Corporation legal form was therefore introduced in the United States in 2010 for the first time. Since then, 35 US states have decided to include it in their legislation and the concept is spreading in other countries worldwide. Italy was the first country outside the United States to introduce this legal form in January 2016. 

Vincent Stanley

Head of Philosophy 

Patagonia

 

We are so pleased to learn that Davines SPA has become a Società Benefit in Italy and Davines North America a benefit corporation in Delaware. We have learned over the past decade how the  trinity of B Corp certification, periodic B Impact Assessment and formal legal recognition can be a powerful spur to building successful, responsible business. Davines is already a strong ally among companies who want to help save the planet and do good for the people who call the planet home. Legal status will make them even more of a north star for others looking to do the right thing.

B Corp and Benefit Corporation: your questions

Can a business be a B Corp without being a Benefit Corporation?

Yes, it can because Italy and the United States are the only countries where the legal form of Benefit Corporation is present.  

Can a business be a Benefit Corporation without being a B Corp?

Yes, it is possible because in those countries where the legal form of Benefit Corporation is present, it is possible to change the company’s by-laws without having a B Corp certification.

Can a business be both a B Corp and a Benefit Corporation?

This is Davines’ case. In all the countries where the Benefit Corporation legal form is present, once the B Corp certification has been obtained, companies who seek recertification are required to become Benefit Corporations as well.

  • Planet
  • People
  • Community

Planet

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Planet

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Planet

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B Corp, measuring our positive impact

There are many differences between Benefit Corporation and B Corp. The main one is that to become a B Corp the company needs to complete a B Impact Assessment, a quantitative procedure that analyses every aspect of the business activity and measures with an exact score the impact on several areas of interest, such as the Environment or Governance. 

Only businesses that score above 80 points out of 200 can be B Corp and they need to be recertified every three years.  

Benefit Corporation, a profound and lasting vocation

Benefit Corporations are not required to undergo certificationbecause the by-laws expresses the profound and lasting commitment of the company; it is its quality. 


While being a B Corp is subject to a quantitative measurement that can change every year (a company could lose the B Corp certification if it no longer meets the recertification requirements), being a Benefit Corporation expresses a vocation lasting over time, thus not subject to changes.  

A unique global path

Davines has decided to take this global path, therefore Davines SPA has changed its by-laws to Società Benefit, and Davines North America too has therefore become a Benefit Corporation. All other branches that do not have the same legal form are invited to amend their by-laws accordingly.The B Corp certification remains valid for the entire Davines Group, thus for all the branches as well as the other Comfort Zone and Skin Regimen brands. 

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