PNNL

Abstract

November Economic Diversity column for the Tri-City Herald - Topic: Social Purpose Corporations - Excerpt below: On March 31, Governor Chris Gregoire made history when she signed HB2239 and created Washington’s first alternative for-profit corporate structure, the social purpose corporation, or SPC. The new structure allows for-profit entities to formally strive toward creation of social and environmental good as their top corporate priority. This significantly contrasts with the expectation that traditional companies must put creation of shareholder value first. It signals that Washington State believes corporate leadership should have the flexibility and legal backing to make decisions based on the company’s impact on all of its stakeholders rather than on the ability to maximize profits.