A couple of weeks ago the Buffalo Common Council adopted a resolution, advocated by Michael Kearns, Michael LoCurto and David River, all members of the council, suggesting to the New York State Senate and Assembly to pass an enactment that would allow the conception of new benefits for certain corporations within the state.
Benefit corporations, commonly referred to as B-corps, are designed to harness business power with the intent to solve social and environmental problems. This type of corporation is legally bound to uphold its responsibility to the community by allowing community stakeholders, rather than just corporate shareholders. In other words, they are accountable for maintaining a vitreous fiscal policy, justifying their being as environmentally stable and showing a clear outline of social benefits.
The legislative measures of B-corps allow entrepreneurs and investors the options to establish and, furthermore, invest in any business that is able to concur with higher standards of corporate aim, liability and lucidity without the increase of regulatory marks or impression on the state budget.
According to Buffalo First!, a non-profit organization that focuses on bettering the City of Buffalo in every way, there is statistical data associated with the impact benefits these corporations are having on cities throughout the country. These benefits include but are not limited to:
Environmental Preservation
- 33% of B-corps make products that preserve the environment
- 72% of B-corps use renewable energy
- B-corps are 30% more likely to work in a "green" building
Strengthen The Community
- 74% of B-corps have a charitable partner
- B-corps are 30 times more likely to donate 10% or more of profits to charity
- 9 out of 10 B-corps are owned by local residents
Focus On Serving "Underserved"
- 47% of B-corps employ more that 50% women
- B-corps are 3 times more likely to be run by women or minorities
- 69% of B-corps have suppliers in low income areas
Creation Of Quality Jobs
- 95% pay a living wage to all employees and are twice as likely to provide health insurance and retirement
- 9 out of 10 B-corp employees are satisfied
If you would like to assist in having this legislation passed, as it does provide an opportunity to establish a step in the direction of a more sustainable economical and environmentally friendly region for us, or to learn more about B-corps and its benefits, please visit www.buffalofirst.org/bcorps.
Comments