Carolyn McMaster | June 27, 2012
We’re pleased to announce that Louisiana and South Carolina have joined California and six other states in passing benefit corporation legislation, providing a legal structure that requires corporations to make a positive impact on society and the environment, and holds them to higher standards of accountability and transparency.
“By passing the South Carolina Benefit Corporation Act, we have joined the vanguard of states that are looking beyond government programs to solve our social problems,” said Rep. Tommy Stringer.
Benefit corporation status ensures that mission-oriented businesses can honor their social and environmental commitments as they grow (and take on investors) without fear of shareholder lawsuits. Benefit corporations support the kind of business culture that can build a sustainable, responsible and vibrant economy.
Thinkshift filed as a benefit corporation January 3 with the first wave of California companies. Other states that allow benefit corps are Hawai’i, Maryland, New Jersey, New York and Vermont; legislation is pending in Connecticut, Illinois, Michigan, North Carolina and Pennsylvania. To learn more about benefit corporations, visit the Benefit Corp Information Center.
In related news, Fast Company is profiling B Corporations in its Rockstars of the New Economy series, produced with B Lab, the organization that certifies B Corps. (B Corp is a certification that any company can attain; it’s different from the benefit corporation legal form.) Dirtt Environmental Solutions, Guayaki Sustainable Rainforest Products and Happy Family are in the publication’s June’s roster.