While looking for the existing different kinds of corporations and laws under which an enterprise can function, I came across the “Benefit Corporation”. It is so impressive how doing business changes slowly and how initiating change takes serious law changes.
I initially found the info on a Forbes article by B Lab Co-Founders Jay Coen Gilbert, Bart Houlahan and Andrew Kassoy. Below is some info on what a Benefit Corporation is and what B Lab does.
About Benefit Corporations:
“A benefit corporation is a new class of corporation that voluntarily meets higher standards of corporate purpose, accountability, and transparency.
Benefit Corporations are a new class of corporation that 1) creates a material positive impact on society and the environment; 2) expands fiduciary duty to require consideration of non-financial interests when making decisions; and 3) reports on its overall social and environmental performance using recognized third party standards.” More info here.
About B Lab:
“B Lab is a 501(c)3 nonprofit that serves a global movement of entrepreneurs using the power of business to solve social and environmental problems. B Lab serves these entrepreneurs through three interrelated initiatives that provide them the legal infrastructure and help them attract the customers, talent, and capital to scale.
Certified B Corporations
GIIRS Ratings & Analytics.”
More info here.