'Public Benefit' Corporate Model Is Making Inroads
Law360 (May 14, 2021, 2:31 PM EDT) -- More businesses are going public as "public benefit corporations," a legal designation that signals a company's commitment to goals beyond maximizing profits, though the jury is still out on whether carrying such a label actually generates positive social impacts.
In the last 10 months, at least five companies went public as PBCs. And more could follow suit, as some venture-backed startups considered initial public offering candidates have already converted to this structure.
A PBC is a for-profit company whose charter specifies its intent to pursue a public benefit — be it environmental, social or other goals — alongside its commitment to...
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