Benefit Corporation gives entrepreneurs and investors an additional choice when determining which corporate form is most suitable to achieve their objectives. Benefit Corporation is a new class of corporation that:
- has a corporate purpose of creating a material positive impact on society and the environment;
- redefines fiduciary duty to require consideration of the interests of employees, community, and the environment; and
- reports on its overall social and environmental performance using independent, credible, and transparent third-party standards.
Maryland, Vermont, and New Jersey have already passed Benefit Corporation legislation. Legislation is moving forward with strong bi-partisan support in Virginia, North Carolina, Pennsylvania, New York, Michigan, and Hawaii.
On Thursday, June 2, the Alameda County Bar Association will host a discussion about this national movement and efforts in California with Donald Simon, a partner at Wendel Rosen and one of the co-chairs of the legal working group which drafted California’s Benefit Corporation legislation (AB 361 – Huffman).
To learn more about Benefit Corporations go to http://www.bcorporation.net/publicpolicy
Donald Simon, a green business practice partner at Wendel, Rosen, Black & Dean LLP, primarily focuses on matters related to construction law, green building and environmental policy. He has broad experience representing public and private clients on issues of contract litigation, regulatory, and general business. Donald co-founded the firm’s Green Business Practice Group and led the firm’s internal sustainability efforts and green business certification. Wendel Rosen is a certified B Corporation.
For more information about the event, please contact the Alameda County Bar Association at (510) 302-2201.
What are your thoughts on bringing this new corporate form to California?