18 Companies Register as Benefit Corporations Under New California Law | KCET
18 Companies Register as Benefit Corporations Under New California Law
Ventura-based Patagonia this week was the first to register as a Benefit Corporation under a new 2012 California law. Alex Goldmark at GOOD nicely described the scene on Tuesday: "When the California Secretary of State's office opened its doors this morning, there stood a band of smiling millionaires..."
Goldmark explained that "A company that files as a Benefit Corporation, as opposed to an LLC, C Corp, or other existing type of company, must consider the impact of business decisions on the environment, employees, and the community as well as the financial return to shareholders."
Patagonia CEO Yvon Chouinard told the Ventura County Star that the law is "going to separate out the green washers."
In all, 18 companies registered.
As explained by the LA Times, "California corporate law historically mandated that the interests of shareholders be paramount to those of all other parties in all circumstances," but this law will legally shield corporate officers from shareholder lawsuits "who contend that company's environmental or social policies diluted the value of their stock."
"This is California at its best, showing there is a way to create jobs and grow the economy while raising the bar for social and environmental responsibility," said Assemblymember Jared Huffman, who introduced the legislation in a press release.
The ruling likens redacting video to drawing black boxes over sensitive information in paper documents and puts an end to agencies charging thousands of dollars to release police body camera footage and other multimedia records.
A task force convened by the Los Angeles County Office of Education released a framework Wednesday with guidelines for the county's 80 school districts as they plan for when, how — and maybe whether — to reopen school campuses.
Another 40-plus coronavirus deaths were reported in Los Angeles County today, as local shopping malls began reopening their doors thanks to loosened health restrictions.
A former aide to Los Angeles City Councilman Jose Huizar today became the fourth person to agree to plead guilty to a felony charge stemming from the City Hall "pay-to-play" federal corruption probe.
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