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Many companies have stepped up in the wake of the novel coronavirus pandemic, increasing worker benefits, donating to nonprofits, and helping to ensure supply chains of critical commodities.
But that’s not enough, said Andrew Kassoy, managing partner and cofounder of B Lab, the nonprofit that administers B Corp certifications to to businesses that meet high social, environmental, and legal standards.
The novel coronavirus shows that “companies need to be governed in a different way,” said Kassoy, who’s calling for broader fiduciary rules for companies and investors.
This article is part of Business Insider’s ongoing series on Better Capitalism.
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The novel coronavirus has sent shockwaves through the US economy, the healthcare system, and individual households dealing with unemployment, job insecurity, and fear.

In the midst of this, many companies have stepped up to offer more worker benefits, made massive donations of supplies, and donated millions of dollars to nonprofits.

But that’s not enough, said Andrew Kassoy, CEO and cofounder of B Lab, which administers B Corp ratings to for-profit companies that meet high social and environmental, public transparency, and legal standards. B Corp is championed by companies including clothing company Patagonia and food company Danone.

“There’s a lot of great stories and I don’t want to discount any of that,” Kassoy told Business Insider. “I think lots of the things that you’ve seen about companies saying they’re going to provide sick leave to workers who have stayed on the job but then get sick — that is awesome. It’s also not systemic.”

While it might get some workers through several weeks of being sick, it’s not addressing underlying problems in the economy that need to be fixed, according to the CEO. These problems include the lack of …read more

Source:: Business Insider

      

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