Purpose Before Profit
Storied Guitar Maker Martin Guitar First in Industry to Achieve Certified B Corp Status
Increasingly leading businesses are looking beyond their bottom line to how they impact their communities and the wider world. In a decision that will have repercussions from Main Street to Wall Street, the powerful Business Roundtable this year amended its "Statement on the Purpose of a Corporation" as a commitment to all stakeholders, from customers and suppliers to shareholders, while also supporting their communities and the environment.
But while lofty statements of purpose are interesting, the real test is how businesses set out to achieve these goals. C.F. Martin & Co., a leading maker of fine guitars headquartered in Nazareth, Pennsylvania, thinks they may have found a way to show their deep commitment to "conscious capitalism" by becoming a Certified B Corporation.
The B Corp community works to reduce inequality, lower levels of poverty, and create a healthier environment, stronger communities, and more high-quality jobs with dignity and purpose. Other well-known B Corps include Ben & Jerry's, Warby Parker and Patagonia.
But certification is not easy. Martin completed a rigorous process conducted by B Lab, the governing body of B Corp certification, which looked at over 170 factors, examining Martin's customers and vendors, its record of inclusion, its involvement in the community, its corporate governance, and its environmental
Frequently asked questions
What is a Certified B Corporation?+
Certified B Corporations are part of a community that works to reduce inequality, lower levels of poverty, and create a healthier environment, stronger communities, and more high-quality jobs with dignity and purpose. Well-known B Corps include Ben & Jerry's, Warby Parker, and Patagonia.
Why did C.F. Martin & Co. pursue B Corp certification?+
Martin pursued B Corp certification to demonstrate its deep commitment to 'conscious capitalism,' showing that the guitar maker looks beyond its bottom line to how it impacts its communities and the wider world.
How does the B Corp certification process work?+
Certification is a rigorous process conducted by B Lab, the governing body of B Corp certification. The assessment examines over 170 factors, including a company's customers and vendors, its record of inclusion, community involvement, corporate governance, and environmental practices.
What did the Business Roundtable change in its Statement on the Purpose of a Corporation?+
The Business Roundtable amended its Statement on the Purpose of a Corporation this year to reflect a commitment to all stakeholders — from customers and suppliers to shareholders — while also supporting communities and the environment.
Where is C.F. Martin & Co. headquartered?+
C.F. Martin & Co., a leading maker of fine guitars, is headquartered in Nazareth, Pennsylvania.