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New Jersey B Corporation Bill Passes Legislature; Heads to Governor for Signature

New Jersey B Corporation Bill Passes Legislature; Heads to Governor for Signature

Bi-partisan legislation to create a new corporate structure in New Jersey unanimously passed both houses of the Legislature and now waits for Governor Chris Christie’s signature. If signed, New Jersey would become the third state to recognize B Corporations — joining Maryland and Vermont. 

B Corporation legislation would allow companies with social or environmental missions to incorporate those missions into their corporate charters and to “consider the public benefit when making decisions.”

“Many companies participate in philanthropic activities, but giving a business the ability to define itself as an entity with a specific mission of improving education or protecting the environment will give it a competitive edge,” said Senator M. Teresa Ruiz. “This bill will allow businesses to boost their bottom line while at the same time working to promote the public good.”

“State government has a responsibility to encourage private businesses to engage in activities that benefit the public,” said Senator Tom Kean Jr. “This legislation will encourage good corporate citizenship and foster greater sense of civic responsibility in New Jersey’s business community.”

According to the B Lab web site there are several other states currently working on B Corporation legislation – Colorado, New York, North Carolina, Oregon, Pennsylvania and Washington. Philadelphia has also passed a Sustainable Business Tax Credit for B Corporations.

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Photo credit: Via Flickr by maduarte

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11:11AM PDT on Oct 10, 2011

If corporations are to become socially responsible, it is not before time. I trust that they will also be environmentally responsible as this important aspect of commerce and industry should not be ignored or overlooked.

8:36AM PST on Feb 22, 2011

This "sounds" good -- what "special" treatment will companies receive?

And now we will watch as EXXON and such, try to become "B corporations."

6:38PM PST on Feb 2, 2011

Mary B. seems to have a handle on this and like another wonders;
what is the special treatmet given by The Christie in New Jersey & other recognitions from other forward-thinking states?

10:47PM PST on Jan 22, 2011

thanx for this info :)

7:05PM PST on Jan 19, 2011

i just have one the state's happy, the company's get a boost, is it the people get? seems all i read was the people just get another hope and promise of some future possible benefit...yep..sounds like one more stellar government program....

9:14PM PST on Jan 16, 2011

I read about B Corps a few years ago in Ode magazine when they just seemed to be emerging in other countries. I think they just may be the new corporate structure model for a world based on sustainability and respect for life, with profit as only one leg of their bottom line. This is not the New World Order of conspiracy theories. This is part of the emerging new culture bridging between the old and new.A model of co-operation that invites people to use their talents to lift everybody up, not the present competative model based on the perception of scarcity that justified a few at the very top to hoard and control. There really are other options out there.

6:11PM PST on Jan 16, 2011

hope this is a good thing.

4:16AM PST on Jan 16, 2011

All corporations should have social responsibility as part of their fiduciary duty. Maybe they should first have to all vow to "first do no harm" before allowed to incorporate.

2:46AM PST on Jan 16, 2011

Seems like a good idea.

12:13AM PST on Jan 15, 2011

Thanks for the article.

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