Current law requires corporations to prioritize the financial interests of shareholders over the interests of workers, communities, and the environment. Benefit corporations are legally required to create a material positive impact on society and the environment, while meeting higher standards of accountability and transparency.
“By passing the South Carolina Benefit Corporation Act, we have joined the vanguard of states that are looking beyond government programs to solve our social problems. I appreciate both the strong bi-partisan support in the General Assembly and the support of Gov. Nikki Haley that allowed this legislation to become a reality,” said Representative Tommy Stringer (R – Greer).
Legislation has enjoyed strong bi-partisan support in every state, including unanimous floor votes in both Louisiana and South Carolina. Visit benefitcorp.net to learn more about the legislation and progress in other states.