06 Jan '12, 12pm

Patagonia Founder First in Line to Register as Benefit Corporation

Patagonia Founder First in Line to Register as Benefit Corporation

Patagonia’s history may explain why 72-year-old Chouinard was literally first in line at the California Secretary of State’s Office on Tuesday to register the company as a Benefit Corporation , a new legal status for businesses. Legislation creating this new designation in the state of California passed into law back in October and came into effect at the start of the new year. The new legal structure provides businesses with a way to integrate considerations for social and environmental efforts more fully into their operations while also giving them legal protection from shareholders concerned solely with protecting their financial interests. Under the current corporate law, shareholders can sue company boards for using company money to pursue social or environmental issues in the name of maximizing profits.

Full article: http://www.triplepundit.com/2012/01/patagonia-founder-fir...

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