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ARTICLE · 13 JULY 2020

British Columbia Introduces Benefit Companies

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On June 30, 2020, British Columbia became the first Canadian jurisdiction to allow for the establishment of "benefit companies" by introducing amendments to the Business Corporations Act..

CanadaCorporate/Commercial Law
Jonathan McCullough
Jonathan McCullough
Martin Smith
Martin Smith
Dawn Gould
Dawn Gould
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On June 30, 2020, British Columbia became the first Canadian jurisdiction to allow for the establishment of "benefit companies" by introducing amendments to the Business Corporations Act (British Columbia).

What Is a Benefit Company?

A benefit company is a for-profit company that commits to (a) conducting its business in a "responsible and sustainable manner" and (b) promoting one or more "public benefits". Conducting business in a responsible and sustainable manner means taking into account the well-being of persons affected by the operations of the company and endeavouring to use a fair and proportionate share of available environmental, social and economic resources and capacities. A public benefit is defined in the Act as a positive effect (including of an artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific or technological nature) for the benefit of the environment or a class of persons (other than

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