Greetings from Los Angeles!
Caitlin Burke, Esq. is attending the Champions Retreat - a conference for B Corps! B Lab, a nonprofit organization, is hosting its 11th Champions Retreat to bring B Corps and their facilitators together to meet and discuss all things B Corp!
What is a B Corp? B Corps are businesses that change the traditional fiduciary duty of a business's directors and officers. Since the early 70's, the trend has been that directors, officers, and executives have a fiduciary duty to maximize profits for shareholders.
B Corps incorporate language into the company's bylaws and operating agreements to allow directors, officers, and executives to prioritize all stakeholders while executing their fiduciary duties. A company that is certified as a B Corp by B Lab has made a commitment to the community, environment, employees, and consumers!
For example, a company that provides products to consumers may have several options when it comes to manufacturing products. How these products are manufactured and the materials used during manufacturing may effect how safe the products are for consumers or how detrimental the products are to the environment. Directors, officers, and executives of B Corps can consider the environmental and consumer impact, without being subject to shareholder derivative lawsuits!
Stay tuned for uploads to the Burke Law YouTube Channel for information regarding B Corp certification and to "B the change" for good! If you want to know how to become a B Corp, please call Burke Law at 352-681-2723.