Patagonia Pioneers Sustainability Legal Status [USA]
Author: Environmental Leader [USA], Published on: 5 January 2012
Patagonia has become the first company in California to elect to be a “benefit corporation.” The legal status affords a company’s directors legal cover to consider environmental and social benefits over financial returns. Patagonia founder Yvon Chouinard…and 11 CEOs from other companies together filed documents Friday…Benefit corporations are a new kind of corporation legally required to: 1) Have a corporate purpose to create a material positive impact on society and the environment. 2) Redefine fiduciary duty to require consideration of the interests of workers, community and the environment. 3) Publicly report annually on its overall social and environmental performance…The other companies that registered for benefit corporation status are: DopeHut, Dharma Merchant Services, Give Something Back Office Supplies, Green Retirement Plans, Opticos Designs, Rimon Law, Scientific Certification Systems, Solar Works, Sun Light & Power, Terrassure Sustainable Land & Resource Development and Thinkshift Communications.
Related companies: Patagonia