Growing number of businesses seek to make positive social, environmental impact.
Oregon Secretary of State Jeanne P. Atkins announced that the state Corporation Division registered the state’s 1,000th benefit company.
Duncan Farms LLC, in Portland, registered Tuesday as the 1,000th benefit company.
“Oregon is rich with an entrepreneurial spirit, and this milestone is evidence that Oregon businesses are interested in looking out for the greater good while maintaining a healthy financial status,” Atkins said. “These companies are not just making empty promises. They abide by accountability and transparency rules to maintain their status.”
The designation as a benefit company, created in Oregon via legislation in 2013 and launched in 2014, allows businesses to build social and environmental benefits into their mission, as opposed to only maximizing profits. On the first day, 29 companies signed up as benefit companies, breaking the record of first-day registrations compared to other states that had benefit company programs at the time.
Becoming a benefit company in Oregon means the company includes a statement in the articles of incorporation or organization that says they are a benefit company, adopts a third-party standard to ensure that they’re creating a positive impact, and produces an annual benefit report that is available to read on their website.
“It is clear that many businesses now want a broader definition of success,” Corporate Division Director Peter Threlkel said. “Fostering a healthy environment where businesses are empowered to do the right thing for their community is helping create a more prosperous Oregon.”
Oregon is one of 31 states to offer benefit company certification to businesses. Seven other states have legislation in the works. .
Read more about benefit companies at the Secretary of State website.
