Senator urges Missouri to join the 34 other states that have passed benefit corporation laws to tap $12 trillion market
JEFFERSON CITY, MO – Missouri Senator Jill Schupp, D-Creve Coeur, has pre-filed Senate Bill 105 that would allow for the creation of benefit corporations in Missouri, giving companies the ability to invest in worthy causes while creating jobs and growing the economy.
Across the country, 34 other states, including six of Missouri’s neighbors, already recognize benefit corporations. Recently, Forbes reported that socially responsible business investments are a $12 trillion market in the United States. Nationally, successful benefit corporations include Patagonia, Kickstarter, Ben & Jerry’s, Warby Parker and Method.
“Thirty-four other states have already passed legislation to attract, grow and support specialized businesses that reinvest in their communities, and it’s time Missouri caught up,” Sen. Schupp said. “This pro-business, pro-community legislation won’t cost taxpayers a dime, and won’t add a single piece of red tape to our state. This simple change is low-hanging fruit that will create jobs and grow the economy, and we should take advantage of it.”
To become a benefit corporation, for-profit corporations would include in their articles of incorporation language to be able to consider “a positive impact on society and the environment” among their operating priorities. The decision to become a benefit corporation would be entirely voluntary, allow for the same protections of corporate law and impose no new government taxes or regulation.
In 2018, Sen. Schupp’s benefit corporation bill, SB 754, received bi-partisan support when voted out of committee.
SOURCE: news provided by SENATE.MO.GOV