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View Diary: The Start of a Revolution (126 comments)

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  •  Two things: (3+ / 0-)
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    Glen The Plumber, where4art, citisven
    "Why is nobody talking about this?"

    I've read a decent amount of this.  Usually if there's a topic you find interesting and haven't read much about it, it just means you're not looking in the right places.

    re: B corps: seems fine enough to me, but also seems unnecessary.  The duties of management are contractual in nature.  If the articles of incorporation stipulate that the corp shall take into account the environment, labor, etc., then it creates the same outcome as the B corp.  The fiduciary duty to think of the pecuniary interests of shareholders isn't an absolute mandate, it's a gap filler: absent something to the contrary, then we'll presume that the shareholders want to maximize their returns on investment and the management should act accordingly.

    •  The thing is, (1+ / 0-)
      Recommended by:
      citisven

      what you're proposing (that Articles of Incorporation include specific provisions defining a corporation's purpose differently from the average profit corporation's) was not possible before the Benefit Corporation provisions were added to the General Corporation Law. It just wasn't. There's a reason that people are saying this is a big deal… And I can hardly believe that it's happening in the world of corporate law, where nothing ever seems to happen that normal people are interested in. Heh.

    •  well (2+ / 0-)
      Recommended by:
      where4art, Hopeful Skeptic

      I didn't mean it literally, I guess it was my creative license to create some drama. ;-) That said, I don't think that this is something the average person in the street has heard of, and the point was that it would be great if it became not just common knowledge among greenies and corporate lawyers, but in the mainstream population.

      As far as your other point, I think where4art answered it really well in his/her comments, Benefit Corp makes a huge difference in the world of law, and that's ultimately where the rubber meets the road when it comes to enforcing actual corporate behavior.

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