March 11, 2011

Bill Clark Quoted in Dowser

Philadelphia partner Bill Clark was quoted in a Dowser article highlighting the continued rise of the Benefit Corporation as a corporate structure that can change the way social enterprises do business. Bill has been working with B Lab, a Berwyn, Philadelphia-based nonprofit spearheading the movement to promote and establish Benefit Corporations, which are required to perform social good as they work to make a profit. Benefit Corporation legislation has, so far, been signed into law in Maryland, Vermont and New Jersey, with Virginia not far behind.

Bill, a partner in the Corporate & Securities Practice Group, is described in the article as the “primary legal force behind writing the new legislation and revising it in accordance with different state laws.” Discussing the basis of the legislation, he noted that “[w]hen you elect to incorporate as a Benefit Corporation, the fundamental change that occurs is that there is now a responsibility as a corporation to promote the general public benefit.” He also drafted the legislation to include a provision that deals with the fiduciary duties of corporate officers, giving them the discretion to act on behalf of other stakeholder interests, namely employees, the environment, and community.

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