Another Landmark Bill introduced by Assemblymember Huffman
Governor Brown signed AB 361 into law. This image from the 2011 Sustainable Enterprise Conference where Assemblymember Huffman advocates for the importance of AB 361 establishing the Benefit Corporation in California.
Today that Bill was signed into law.
Governor Brown signed Assembly Bill 361 today to spur the creation of high quality jobs in California through benefit corporations. The legislation, introduced by Assemblymember Jared Huffman (D-San Rafael), creates a new class of corporation in California called benefit corporations that are legally required to pursue the creation of a material positive impact on society and the environment, while meeting higher standards of accountability and transparency. Current law requires corporations to prioritize the financial interests of shareholder over the interests of workers, communities, and the environment.
In his article from the Huffington Post, Jay Cohen Gilbert breaks it down:
benefit corporation legislation is important because it builds the legal infrastructure for a new economy that is more inclusive, resilient and sustainable.
Many people and much work involved here, but especially thank you to Assemblymember Huffman for his leadership.