Along with 23 other Oregon companies, Metropolitan Group registered today for Benefit Company status — the first effective day of a new state law that allows businesses to build social responsibility into their bylaws.
“Businesses large and small and from across the state advocated for this law that empowers business leaders to make smart choices that serve their shareholders, employees, communities and improve the environment,” said MG creative director/founder, Eric Friedenwald-Fishman, who is also co-leader of the Be the Change Steering Committee. “It is another way to support entrepreneurs and to attract impact investors who see that business can be a force for good. Our firm is excited to join so many mission driven firms who are registering as Oregon Benefit Companies”
Under Oregon’s new law, Benefit Companies enjoy legal protection to create value for society, not just shareholders, while meeting higher standards of accountability and transparency. Benefit Companies will be legally required to: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) expand fiduciary duty to require consideration of the interests of workers, community and the environment; and 3) publicly report annually on its overall social and environmental performance using a comprehensive, credible, independent, and transparent third party standard. This offers business more freedom in defining success and provides legal protection for those looking to pursue a corporate purpose other than maximizing profits for shareholders.
Like many of the other companies that registered today for Benefit Company status, MG is also a certified B Corporation. As such, we’ve met independently audited standards of social responsibility. Learn more about MG’s B Corp assessment and view our scorecard.
And listen to Eric on OPB describing just a few of the reasons why he supports Benefit Company legislation.