Governor Martin O’Malley has just signed into law a new type of corporation. Deemed “Benefit Corporation,” the guidelines are simple, the corporation must by law create a material positive impact on society; consider how decisions affect employees, community and the environment; and publicly report their social and environmental performance using established third-party standards.
This is the first such legislation in our country, and for the first time brings the notion of social consciousness to the corporate world. Every decision one of these new companies makes must follow guidelines of positive employee interaction, environmental impact, community interaction, then report their decisions to a board that will judge then against standards which they set.
This legislation was offered by State Senators Jamie Raskin and Brian Frosh and Delegate Brian Feldman, passed the Maryland Senate with a vote of 44 - 0 and the Assembly 135 - 5. Brian Frost was recently in the headlines for his stance against mandatory sentencing of child molesters under the “Jessica Law.”
This latest partisan vote will allow a “third party,” to decide whether a company operates in the guise of betterment to society, which the Democrats seem to think is the proper way. No longer will companies just answer to their stockholders, but now a more sinister objective seems to be brewing. These companies will only be allowed to continue if the liberals say it may exist, bestowing an air of arrogance towards the legislature and Gov. Martin O’Malley
The very fact that this went totally unreported by the main stream news sources speaks volumes about this Administration, and this socialistic policy.
Who is John Galt?