This brown bag program will address the state law requirements for benefit corporations focusing on the law in California.
Twelve states including California, New York, New Jersey, Virginia, Illinois, and Massachusetts have enacted legislation to create a for-profit, multi-stakeholder, model corporate form known as the benefit corporation, and in 17 other states have introduced similar legislation. In addition to creating shareholder value, the benefit corporation has three basic attributes in addition to those of other general purpose corporations.
Topics will include:
- The general and specific public benefit purposes of a benefit corporation
- Attributes of a multi-stakeholder corporate model
- How the corporation is accountable to its stakeholders and to the public
- The assessment and transparency requirements of this corporate form
- How the general and specific public benefit purposes are enforced