Salem, Ore. – Secretary of State Kate Brown announced today that 200 Oregon businesses have now registered as Benefit Companies in less than a year since the new law went into effect.
The number of businesses registering as Benefit Companies grows every week and as of this week includes companies from 52 communities across Oregon.
Businesses have registered as benefit companies in Portland, Ashland, Beaverton, Central Point, Eugene, St. Helens, Lake Oswego, Aloha, Salem, Lebanon, Happy Valley, Corvallis, Hood River, Albany, Dundee, Silverton, Tualatin, Cottage Grove, Turner, Cornelius, Sheridan, Hillsboro, Medford, Grants Pass, Newberg, Tigard, Keizer, Gresham, Boring, Forest Grove, Bend, Milwaukie, Rogue River, Ontario, West Linn, Canby, Nyssa, Wasco, Sisters, Port Orford, Stayton, Independence, Rainier, Klamath Falls, Stanfield, Astoria, Newport, Veneta, La Grande, Terrebonne, Molalla and Clackamas.
An up-to-date list is available on the Oregon Secretary of State’s website.
“Oregon entrepreneurs are hungry for a new way to do business. And many of the most sought-after employees are looking for a new type of business to work for,” said Secretary Brown. “I’m proud to have helped provide a vehicle for our state’s innovative, socially responsible business community.”
House Bill 2296, which established a new way for businesses to organize to help create high quality jobs, went into effect Jan. 1. It was approved by a bipartisan majority of the 2013 Oregon Legislature. HB 2296 was sponsored by Secretary of State Kate Brown, Rep. Tobias Read, (former) Rep. Jules Bailey, Sen. Chris Edwards and Rep. Shemia Fagan. Bill Campbell, Principal at Equilibrium Capital Group, and Eric Friedenwald-Fishman, founder and creative director of Metropolitan Group, were among several key business supporters of the legislation.
Under Oregon’s law, Benefit Companies enjoy legal protection to create value for society, not just shareholders, while meeting higher standards of accountability and transparency.
Benefit Companies are a new kind of company legally required to: 1) create a materially positive impact on society and the environment; 2) expand its fiduciary duties to require consideration of the interests of workers, community and the environment; and 3) publicly report annually on its overall social and environmental performance using comprehensive, credible, independent and transparent third party standards. B Company status offers businesses more freedom to define success and provides legal protection for those looking to pursue a corporate purpose other than exclusively maximizing profits for shareholders.
If you see local news happen, call the Horizon Broadcasting Group News Tip Hotline at 541-323-NEWS, or email us.
