8th and 9th States Pass Benefit Corporation Legislation: LA and SC First in the South

kristy SRI/ESG News

We at Ethical Markets Media congratulate our friends at B-Lab for this excellent progress! Hazel Henderson, editor

This month, Louisiana and South Carolina passed benefit corporation legislation, becoming the first states in the South, and the 8th and 9th in the country, to grant more freedom and legal protection to businesses that seek to create value for society, not just shareholders.

June 18, 2012

Current law requires corporations to prioritize the financial interests of shareholders over the interests of workers, communities, and the environment. Benefit corporations are legally required to create a material positive impact on society and the environment, while meeting higher standards of accountability and transparency.

“By passing the South Carolina Benefit Corporation Act, we have joined the vanguard of states that are looking beyond government programs to solve our social problems. I appreciate both the strong bi-partisan support in the General Assembly and the support of Gov. Nikki Haley that allowed this legislation to become a reality,” said Representative Tommy Stringer (R – Greer).

Legislation has enjoyed strong bi-partisan support in every state, including unanimous floor votes in both Louisiana and South Carolina. Visit benefitcorp.net to learn more about the legislation and progress in other states.

None of this success would have been possible without the continued leadership and support of countless businesses, attorneys, partner organizations, and other friends. A special thank you to Louisiana Speaker Pro Tempore Walt Leger, New Orleans Mayor Mitch Landrieu, Joule Energy, New Orleans Business Alliance, Greater New Orleans Inc., Propeller and Life City in Louisiana, South Carolina legislators Rep. Tommy Stringer and Sen. Vincent Sheheen, the South Carolina Chamber of Commerce, and the American Sustainable Business Council.

Finally, thank you to the growing community of Certified B Corps and our friends for becoming such a powerful and effective constituency for passing game-changing legislation.

B the change,

Erik Trojian, Director of Policy and the rest of the B Lab Team