As we look to 2012, a review of 2011 through a social innovation lens will definitely show major legislation and policy changes aimed to support and encourage social innovation.
Sometimes 6 + 1 is greater than 7
Perhaps chief among them is the benefit corporation movement. Six states joined Maryland in passing benefit corporation legislation in 2011 to make a total of 7 states with new for-profit corporate forms that shift focus from maximizing shareholder wealth to creating a material positive impact on society and the environment.
Notably, the last two states that have passed benefit corporation legislation represent the 1st and 3rd most populous states in the country. Thus the passage of the bills represents support from broad, expansive constituencies.
Specifically, New York was the most recent to join the benefit corporation club whose members already include California, Hawaii, New Jersey, Virginia, Vermont, and Maryland.
Articles and Posts about New York’s New Benefit Corporation Legislation
Since the passage of New York’s bill on Monday, there have been a number of articles and posts about the new legislation. Here’s a compiled list of where to learn more about the New York benefit corporation law:
- Squadron-Silver Bill to Bring Benefit Corporations to New York Becomes Law (NYSenate.gov)
- New York State Senate and Assembly Pass Benefit Corporation Legislation (Buffalo Rising)
- Will Benefit Corporations Change the Way NYC Does Big Business? (Thirteen.org)
- Why New York Just Became a Better State for Businesses (Forbes)
- This Just In…New York Passes Benefit Corporation Legislation (Innov8Social)
- Benefit corporations debut in the state (Westfair Online)
- NY Gets Friendlier to Socially Responsible Business (WNYC)
- New Legal Structures for ‘Social Entrepreneurs’ (Wall Street Journal) –> read the comments for more info
- NY Law Creates New Kind of Corporation (CSR Wire)
- Cuomo signs legislation allowing benefit corporations (Rochester Business Journal)
- NY law establishes benefit corporations (Wall Street Journal)
- Occupying the Future: Benefit Corporations now opening shop in NY, six other states (Daily Kos)
- New York Unanimously Passes Benefit Corporation Bill (socentlaw)
- Keepin’ it Local – Help Push for Benefit Corporations in New York (The Good Neighborhood)
Social innovation helps create more benefit for the company. It all depends on the implementation.