May 16, 2010

Bill Clark and Client B-Lab featured in Philadelphia Inquirer and

Philadelphia partner Bill Clark’s efforts in drafting and supporting new corporate legislation passed by Maryland was featured in both the Philadelphia Inquirer and Webnewswire.Com. The legislation creates a new type of corporation – one required to perform social good as it works to make a profit. Bill drafted the legislation establishing “benefit” or “B” corporations, and articles in both the Philadelphia Inquirer and noted that credit for Maryland’s passage of the new corporate law goes to Bill and client B-Lab, a Berwyn, Pa.-based nonprofit that acts as a third-party certifier of “B” Corporations on social and environmental performance, and lobbies on their behalf. Under the new law, directors of registered benefit corporations will have the legal protection to consider employees, the community and the environment, in addition to shareholder value, when they make operating and liquidity decisions. Bill, a partner in the Corporate & Securities Practice Group, told the Inquirer that similar measures are under consideration in at least seven states, with Vermont being the furthest along. Bill also commented on recent successes closer to home, including the vote by the business-law section of the Pennsylvania Bar Association to seek approval for the benefit-corporations concept from the full membership's policy-setting arm. If approved, "we would then move to the phase of introducing legislation . . . that would probably happen in the fall," Clark said, adding that its passage "will certainly be a high priority next year."

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