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- Title
MONEY ISN'T EVERYTHING: WHY PUBLIC BENEFIT CORPORATIONS SHOULD BE REQUIRED TO DISCLOSE NON-FINANCIAL INFORMATION.
- Authors
COHEN, RONNIE; LINGENFELTER, GABRIELE
- Abstract
Social impact investing is coming of age in the twenty-first century. Various forms of investment vehicles have been introduced since the turn of the century just as the millennial generation is entering the investment world. This article focuses on the benefit corporation which has become the most widespread form of social impact for-profit organization. For benefit corporations to be able to attract the capital necessary to fulfill their promise of social impact, investors will have to have confidence in both the financial and non-financial performance of the corporation. Thus, key to the benefit corporation's future success is the development of appropriate measures of accountability for the public benefit aspect of the organization's mission. This article proposes a disclosure regime, based on the current model for financial reporting and the new standards proposed by the Sustainability Accounting Standards Board, that will enable benefit corporations to be publicly traded by investors who have accurate and material information on both the corporation's financial performance and its performance with regard to its public benefit mission.
- Subjects
ETHICAL investments; BENEFIT corporations (Business structure); FINANCIAL performance; SUSTAINABILITY; ACCOUNTING standards; SECURITIES industry laws; SOCIAL movements
- Publication
Delaware Journal of Corporate Law, 2017, Vol 42, Issue 1, p115
- ISSN
0364-9490
- Publication type
Article