The Benefit Corporation

10 December 2012

A new corporate form allows companies to include an enforceable social and environmental mission in their statutes and operations.

Jamie Raskin, an American law professor at the Washington College of Law and Maryland State Senator initiated new legislation in the State of Maryland to create a new corporate form called the Benefit Corporation.

The new corporate form allows companies to include an enforceable social and environmental mission in their statutes and operations so they can distinguish themselves from companies that make profitability their sole and primary goal. On the other hand they can distinguish themselves from NGOs, foundations and not for profit organisations with their corporate approach to social and environmental issues. The legislation was initiated because of the demand of corporations to distinguish themselves in this way and because of the vision of Jamie Raskin c.s. that society needs more socially responsible businesses to address todays social and environmental issues.

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