Portland, Oregon – On January 2, 2014, Canvas Host, LLC joined 28 others businesses to register as an inaugural Oregon Benefit Company. Signed into law on June 18, 2013 by Governor John Kitzhaber, House Bill 2296 enables Oregon businesses to incorporate social causes into their operating by-laws.
An Oregon Benefit Company stands apart from traditional businesses. It demonstrate a higher level of transparency and accountability in all facets of operation. An Oregon Benefit Company is legally required to:
- To create a materially positive impact on society and the environment;
- Expand fiduciary duties to require consideration of the interests of workers, community and the environment; and
- Publicly report annually on overall social and environmental performance using comprehensive, credible, independent and transparent third party standards.
Oregon Benefit Company status offers a businesse more freedom to define success, and provides legal protection for those pursuing a corporate purpose other than exclusively maximizing profits for shareholders.
Additionally, Benefit Companies must be credentialed by a recognized third-party auditor. A well known auditor is B Lab, a Pennsylvania non-profit that champions the work of enacting Benefit Company legislation in all 50 States. B Lab independently audits businesses and gives each a “B Score”. Those that “pass” the minimum required score are granted Certified B Corp status. In states where Benefit Companies are not legally recognized, being a Certified B Corp is an important way to prove a company’s transparency and accountability.