an OPT-IN LEGAL STATUS FOR COMPANIES THAT ARE FOR-PROFIT AND FOR-IMPACT
Benefit Company is a model of corporate governance that creates commercial sustainability by providing companies with a framework to embed purpose, consider stakeholders, and report on impact.
Currently this model, also known as benefit corporation, is available in most US states, British Columbia in Canada, Italy, and Colombia. Companies around Australia want to see legislative change to make Benefit Company available here too.
IN THE MEDIA
“The framework of a benefit corporation directly addresses the top two purpose barriers cited by executives — short-term shareholder pressure and lack of long-term metrics.”
“The proposed amendments will allow the option to intentionally and formally expand a company’s purpose, allowing a general public benefit to be considered – enshrining the triple bottom-line of ‘profit, people and planet’”.
“The Benefit Company model provides certainty by enshrining the purpose of the business and ensuring that future custodians and controllers of the business align with that purpose. This opportunity is particularly important for small to medium enterprises.”