June 17, 2020 - Owen Bird
The Government of British Columbia intends to amend the Business Corporations Act (“BCBCA”) to include a new type of company – a benefit company. This amendment is set to take place on June 30, 2020.
A benefit company is a for-profit corporation that dedicates itself to conducting responsible and sustainable business and to promoting a public benefit(s). A public benefit includes any activity that positively impacts a group outside of the corporation’s shareholders. For example, an educational group, the local community, the environment, or a charitable organization. A list of possible ‘public benefit’ activities can be found here.