B Corps and Benefit Corporations in the Agrifood sector: Balancing environmental, social and economic sustainability

Abstract

With growing concerns about environmental degradation, social inequality, and economic instability, the agri-food industry faces unprecedented challenges in achieving long-term viability. This thesis explores the unique characteristics of Benefit corporations and B corps, focusing on their commitment to balancing profit-making with social and environmental responsibility. As the agri-food sector faces unprecedented challenges, including the increasing pressure on global food supply, environmental degradation, nutritional demands of a growing population, and evolving regulations addressing climate change, the implementation of best practices to safeguard the environment while also pursuing business goals is of fundamental importance. This requires every organization, to change their operating paradigm and requires them to innovate their business models to incorporate corporate social responsibility (CSR) principles. The emergence of Benefit Corporations, with a commitment to balancing economic and social interests, is examined as a response to the imperative for sustainable and responsible business practices. Drawing on the current literature and empirical studies linking Corporate Social Responsibility (CSR) policies and financial performance, the thesis argues that benefit corporations offer a viable avenue for companies to embrace CSR principles without compromising profitability; it explores the characteristics of these companies and the benefits of being one, including enhanced control over business goals, increased credibility through transparent reporting, better employee engagement, and heightened motivation for continuous improvement. In conclusion, The thesis on leveraging benefit corporations for balancing sustainability and profitability in the agri-food sector is a compelling and contemporary exploration of a critical global challenge.