New Hampshire passed its own B-Corp legislation, effective January 1, 2015, and if you own (or are starting) a socially-minded company the B-Corp form may help you achieve your goals. The social missions of these companies do not appear to have hindered their profitability all three are consumer favorites and enormously successful. Social responsibility is already a big part of the brand identity of each company, so B-Corp status seems a natural fit. While it's unlikely that Apple would convert to a B-Corp, many household names have taken advantage of the new business form, such as Patagonia, Seventh Generation, and Warby Parker. Many consumers and investors are frustrated by this narrow view of corporate obligations, and in response 27 states have passed legislation creating a new corporate form-the Benefit Corporation, or B-Corp.
Surely companies can 'do good' beyond solely generating profits.Īpple has no legal obligation to do environmental or social good-in fact, many law professors would argue that its only obligation is to create profit for its shareholders.
The incident resonated with many who have become disillusioned by modern corporate culture. Shareholders’ meetings are generally tame, scripted affairs, but Apple's 2014 meeting was memorable for CEO Tim Cook's well-publicized chastising of a shareholder who questioned whether the company's environmental efforts came at the expense of investor profits.
