Development and implementation of corporate sustainability systems in Colombia: the new way of doing business
Legal framework: BIC Law vs. B System
In 2018, Colombia became the first country in Latin America to legally recognise triple impact companies through Law 1901, which created the concept of Sociedades de Beneficio e Interés Colectivo (BIC, or Collective Benefit and Interest Companies). This regulation allows any existing or new company to voluntarily adopt this status. Its regulations, established in 2019 through Decree 2046, defined five performance dimensions—business model, corporate governance, labour practices, environmental practices, and community—that guide the commitments of BIC companies.
For its part, Sistema B is the global movement that promotes the "B Corporation" certification, awarded by the international NGO B Lab. Although both models seek to balance social and environmental purpose with profit, there is a fundamental difference: the BIC Law confers a legal status recognised in Colombia, while B Corp certification accredits compliance with international sustainability standards.
The two are not mutually exclusive, but complementary. In fact, nearly 30 companies in Colombia currently combine the legal status of a BIC company with B Corp certification. Ideally, organisations should begin by measuring and improving their impact through the BIC legal framework, and then move towards B certification as an evolutionary step. In short, while the BIC Law provides a local legal framework to promote the purpose-driven business model, B Corp certification provides international recognition and verification of more demanding standards. Together, they represent allied paths towards a more sustainable and inclusive economy.
Growth of the sustainable business movement.
The introduction of the BIC Law has sparked a boom in purpose-driven companies in Colombia. As it is open to all companies regardless of size or sector, its adoption has grown exponentially. The number of registered BIC companies rose from 704 in 2021 to around 2,600 in 2024—a jump of more than 200% in just a few years—demonstrating the enthusiasm of Colombian entrepreneurs for the triple impact model. At the same time, the number of certified B Corporations is also on the rise: Colombia closed 2023 with 114 certified B Corp companies and is projected to exceed 200 B Corporations by the end of 2025. These companies are redefining corporate success beyond the financial realm, contributing approximately 1% of the national GDP and generating more than 30,000 quality jobs in the country.
This movement responds to a demand from consumers, investors and human talent for more responsible organisations, and has been facilitated by public-private partnerships that promote awareness and provide incentives to purpose-driven companies.
ECIJA Colombia's commitment
At the ECIJA Colombia office, we are also joining this transformative journey. Aware of the value of leading by example, we have begun the process of obtaining certification as a B Corporation. We are currently in a stage of internal awareness and mindset change, gradually adopting the best social and environmental practices required by the B model. This process involves measuring our impact, involving the entire team in sustainability goals and aligning our corporate strategy with a triple impact purpose. Taking this step reaffirms ECIJA's vision as a firm committed to sustainability and social responsibility. We aspire to join the global community of B Corporations in the near future, convinced that this will strengthen our organisational culture and enable us to offer added value to our clients and society.
