We can ask, in fact, as shareholders, we can vote, that BP become a Benefit Corporation.
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He's convinced that becoming a benefit corporation will help prevent that from ever happening.
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Kassoy also discussed some of the noteworthy differences between the Benefit Corporation model legislation and the Delaware law.
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The Benefit Corporation relieves the pressures of short-termism that drive bad decisions that affect the rest of us.
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If you want to protect the social mission of your business, talk to your attorney about becoming a Benefit Corporation.
They also worry the Colorado proposal doesn't require a benefit corporation to have an independent board member who holds it to its goals.
One big concern is that businesses might adopt the term "benefit corporation" for marketing purposes without taking meaningful steps to address social and environmental concerns.
Becoming a Benefit Corporation builds on that foundation of trust, and it mitigates the risk of consumer-fan (not to mention employee) disappointment and desertion post-sale.
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As a benefit corporation, Big Bad Woof is protected from legal action if it makes decisions that aren't in the financial interests of its shareholders.
Chouinard marched into state offices on the morning of January 3, 2012, to make Patagonia the very first company to register as a benefit corporation in California.
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For example, under stricter rules a benefit corporation that commits to donating 25% of its annual earnings to local charities would be legally bound to do so, even if it became unprofitable.
Unlike a traditional corporation, a Benefit Corporation has a corporate purpose to create public benefit, which is useful when Delaware says that the only proper purpose is to create private wealth.
"It's becoming a national movement, " says Penny Jones-Napier, owner of the Big Bad Woof pet store in Hyattsville, Maryland, the first business in the US to adopt the new benefit corporation designation.
To legally facilitate startups who want to give top priority to socially conscious solutions, eleven states, including New York and California, have passed legislation allowing incorporation as a Benefit Corporation (B-Corp).
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Now that the Delaware legislature has introduced benefit corporation legislation, the next big push is to make sure there are some social enterprises ready to register when it becomes effective, which should be Aug. 1.
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Honest Tea happens to be headquartered in Maryland, the first state to create the Benefit Corporation, an election that a company can make to be held to higher standards of corporate purpose, transparency and accountability.
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The Benefit Corporation is a solution.
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In the United States, new corporate forms (such as the Benefit Corporation, flexible-purpose corporation, social-purpose corporation, L3Cs and benefit LLCs) have recently emerged to better address the needs and goals of social entrepreneurs, but these changes are not standard across other countries.
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Similarly, private pensions pay premiums to the Pension Benefit Guaranty Corporation, which protects private pension beneficiaries.
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Bailouts are continuing with the Postal Service, Federal Housing Administration, Pension Benefit Guaranty Corporation, and more.
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Lawmakers in at least 20 more states, including Texas, Florida, Arizona, and Delaware, are expected to take up benefit-corporation laws this year.
As the retirement checks began to disappear there was a public outcry that prompted Washington to enact the Pension Benefit Guarantee Corporation.
United Airlines (UAL) and the Pension Benefit Guaranty Corporation (PBGC) made a dirty deal to eliminate our company pensions and replace them with anemic PBGC pensions.
What is the effect upon participants in a pension plan when the Pension Benefit Guaranty Corporation takes over the plan and replaces company pensions with PBGC pensions?
But as social entrepreneurship gains momentum across the U.S., supporters of state benefit-corporation laws are clashing over how strictly entrepreneurs should be held to their social and environmental missions.
If approved by bankruptcy court, the airline would turn over its defined benefit pension plans to the Pension Benefit Guaranty Corporation (PBGC), a federally chartered agency that insures private sector pensions.
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And in our budget we have a proposal to give the Pension Benefit Guarantee Corporation the ability to set premiums, which are now very low, in a way that matches the default risk.
This would give them the ability -- participation is voluntary in the Pension Benefit Guarantee Corporation, but it would shift the burden of the risk from the taxpayers back to the companies that get the benefit.
Because the Pension Benefit Guaranty Corporation (PBGC), a federal agency tasked with insuring private pension plans, has long encouraged large companies to delay needed changes to their retirement plans in order to bring labor costs under control.
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