California Benefit Corporation Kickoff

January 3rd marked the first day that California businesses were able to register as Benefit Corporations! Eager to become official benefit corporations and pave the way for other California businesses, a dozen business leaders traveled to Sacramento on the 3rd to file their documents. Among the first businesses to elect benefit corporation status were Patagonia and long-time RSF office supply vendor, Give Something Back.

Benefit corporations are a new type of corporation required to: a) have a mission to create material positive impact on society and the environment; b) consider non-financial interests when making decisions including employees, community, and the environment; and c) report annually on performance using a recognized third-party.

California became the sixth state to pass benefit corporation legislation in October 2011, joining Maryland, New Jersey, Vermont, Virginia, and Hawaii. New York has since signed a similar law and legislation has been introduced in the District of Columbia, Michigan, North Carolina, and Pennsylvania.

RSF is delighted to see other states pursuing benefit corporation legislation and businesses embracing the new corporate structure. We believe this momentum represents the beginning of a transformation – one that will lead businesses to achieve deep social and environment impact.

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