B.C. Green Party Leader Andrew Weaver says he plans to introduce legislation to give socially sustainable companies another option when incorporating.
Following a discussion with business owners in Vancouver on Wednesday, Weaver said he’ll table a bill that will allow businesses that meet certain social and environmental guidelines to incorporate and be known as as a “benefit company.”
Weaver said the government needs to do more to support businesses that carry a triple bottom line: people, profit and planet.
“Companies that pursue a triple bottom line are on the cutting edge of rethinking the role of business in the 21st century,” he said. “They know that acting in the best interests of people and the planet is the best way to build a thriving economy for the long-term.”
If passed, B.C. would become the first province in the country to offer this option. In the U.S., 33 states offer it already.
In B.C., companies can currently incorporate as a limited, unlimited liability or community contribution company.
Weaver is proposing that the province amend the Business Corporations Act to include the option for businesses, as long as they meet guidelines around transparency and public messaging that shares a focus on environmental and social sustainability.