an OPT-IN LEGAL STATUS FOR COMPANIES THAT ARE FOR-PROFIT AND FOR-IMPACT
“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’”.
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.