Business for the Common Good
By Sara Laks
First Affirmative has joined the ranks of the nearly 500 For Benefit Corporations in the United States.
B Corps offer an alternative to “business-as-usual.” A new class of corporation, B Corps are legally required to pursue the creation of a material positive impact on society and the environment, while meeting higher standards of accountability and transparency. Current law requires corporations to prioritize the financial interests of shareholder over the interests of workers, communities, and the environment.
B Corps are structured to maximize profits for society, not just for their shareowners. With the growing public demand to move away from corporate greed and corruption, B Corps offer a much needed solution to better serving the “99%.”
In December 2011, New York became the seventh state to legally recognize B Corps; joining California, Hawaii, Virginia, Maryland, Vermont, and New Jersey. Similar legislation is pending in North Carolina, Pennsylvania, Michigan, and Washington DC, and will be introduced in Colorado in early 2012.
Posted: January 6, 2012