The legislation creates a new corporate form called a “benefit corporation.” Benefit corporations are required to create a material positive impact on society and the environment and to meet higher standards for accountability and transparency. Pennsylvania is the 12th state to adopt the legislation, joining California, Illinois, New York and other states across the country.
The legislation has received wide bipartisan support across the country and is currently pending in more than 15 other states. Several high profile companies have already become benefit corporations in other states where the legislation has been adopted, including apparel company Patagonia in California, and Pennsylvania businesses are also expected to enthusiastically embrace becoming benefit corporations in Pennsylvania.
Bill is responsible for drafting all the benefit corporation legislation that has been enacted or introduced; he and Lizzie have worked tirelessly to see the legislation passed throughout the United States.
Erik Trojan, Director of Policy at B Lab, the Pennsylvania-based non-profit behind the movement, said:
“We thank Bill and Lizzie for their tireless efforts in moving this forward. Including Lizzie attending a hearing with her dad on her vacation … Or Bill flying to Pittsburgh to ask the House Majority Leader to prioritize the legislation. Without the help of Drinker Biddle where would we be?”
Bill and Lizzie accepted an award on behalf of Drinker Biddle from B Lab at its annual Champions Retreat on October 5 for the Firm’s continued support with respect to benefit corporation legislation. The passage of the legislation in Pennsylvania, the home base of both B Lab and Drinker, is a particularly important milestone in their on-going efforts.