Business for the Common Good
Posted on Wednesday, May 16, 2012
By Sara Laks
First Affirmative has proudly joined the ranks of the nearly 500 For Benefit Corporations in the United States.
B Corps offer an alternative to "business-as-usual." A new class
of corporation, B Corps are legally required to pursue the creation
of a material positive impact on society and the environment, while
meeting higher standards of accountability and transparency.
Current law requires most corporations to prioritize the financial
interests of shareowners over the interests of workers,
communities, and the environment.
B Corps are structured to maximize profits for society, not just
for their shareowners. With the growing public demand to move away
from corporate greed and corruption, B Corps offer a much needed
solution to better serving the "99%."
In December 2011, New York became the seventh state to legally recognize B Corps; joining California, Hawaii, Virginia, Maryland, Vermont, and New Jersey. Similar legislation is pending in North Caroline, Pennsylvania, Michigan, and Washington DC, and will be introduced in Colorado in early 2012.