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Is Your State as Progressive as Illinois?

Is Your State as Progressive as Illinois?

Illinois says, “Show me the money…and positive change!”

This August, Illinois was the first Midwestern state to enact benefit corporation legislature that allows companies to not just exist to fill the pocketbooks of shareholders, but to also benefit society and the environment.

What is a benefit corporation (or B corp)? Andrew Kassoy, part of the think tank behind B corps, says they are companies that are “creating value for all stakeholders, not just shareholders.” In the past, companies could be sued by shareholders if companies were not maximizing profits. B corps, however, are required to create profit and positively impact the world around it.

Watch Benefit Corporations Aim to Make Profit, Positive Impact on PBS. See more from PBS NewsHour.

Specifically, the benefit corporations in Illinois will be just like current companies, but with additional mandates:

1. Have a corporate purpose to create a material positive impact on society and the environment.

2. Expand fiduciary duty to require consideration of the interests of employees, community and the environment when making decision.

3. Publicly report annually on its overall social and environmental performance using a comprehensive, credible, independent, and transparent third party standard.

Illinois is the tenth state and the first Midwestern state to support this new innovative approach to business, and hopefully its new legislation will encourage other states to take part of this progressive movement. In the apt words of Rep. Sara Feigenholtz, prime sponsor of the bill, “Smart businesses that recognize both social profits as well as shareholder profits will be the companies that thrive and drive long-term economic growth in the 21st Century.”

Is your state as progressive as Illinois? Find out by visiting the Benefit Corp Information Center.

Related Stories:

8 States Now Allow Corporations to Do Good

Governor Brown Signs California Benefit Corporation Legislation

Patagonia Becomes a California Benefit Corporation

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21 comments

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3:30PM PDT on Sep 4, 2014

This is the only potential positive in this states current status and reputation

4:30PM PDT on Sep 30, 2012

I doubt they are that "progressive"

11:43AM PDT on Sep 17, 2012

This area is one of the ways I'm proud of CA's leadership!

9:19PM PDT on Aug 22, 2012

I looked, but I all ready knew Kentucky would not be on the list of states who have enacted this.

1:39PM PDT on Aug 20, 2012

Just like Care2 is........................................

2:41AM PDT on Aug 20, 2012

Thanks

2:24AM PDT on Aug 19, 2012

Thanks.

8:15PM PDT on Aug 18, 2012

Never really thought of IL as that progressive... maybe a change.

5:17PM PDT on Aug 18, 2012

Thanks for sharing. I am glad that Illinois passed this law since I live in Illinois.

3:28PM PDT on Aug 18, 2012

Thanks

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