Benefit Corporations Approved in California

California businesses soon will be able to set up shop as so-called Benefit Corporations, or B Corps, under a new law signed Sunday by Gov. Jerry Brown. AB 361 enables businesses to pursue a "material positive impact on the environment and community in addition to maximizing profits," according to a statement from California Assemblyman Jared Huffman (D-San Rafael), who authored the bill....

Before AB 361, Gilbert added, "corporations have one fiduciary duty: to maximize value to shareholders even if that comes at the expense of workers or the community or the environment. It's a system that's set up to externalize costs to society."

Read the whole article at the Los Angeles Times, California's new B Corp law eyes social, environmental interplay

h/t Scott Fullwiler via Twitter