We’ve seen this before: the West Coast showing the rest of Canada what the future might be. British Columbia’s legislature is the first in Canada to note the rising number of entrepreneurs who intentionally reject shareholder primacy. It’s now debating a bill to support purposeful capitalists, called the Business Corporation Amendment Act, 2018.
The bill would amend the B.C. Business Corporation Act to create benefit companies, which are defined in the bill as being companies that include a “benefit statement” in their notice of articles.
B.C. is following the lead of 33 U.S. states and the District of Columbia that have already passed legislation authorizing benefit corporations.