Proposals to Transition to a Public Benefit Corporation
The Shareholder Commons (TSC) helped proponents to file proposals at Tractor Supply and 3M, which request that the companies amend or consider amending their certificates of incorporation to become public benefit corporations, in light of their adoption of the Business Roundtable’s Statement on the Purpose of a Corporation (BRT Statement).
The Shareholder Commons (TSC) helped proponents to file proposals at Tractor Supply, 3M and several other companies, which request that the companies amend or consider amending their certificates of incorporation to become public benefit corporations, in light of their adoption of the Business Roundtable’s Statement on the Purpose of a Corporation (BRT Statement). The proposals note that the law of the companies’ U.S. states of incorporation precludes authentic commitment to the stakeholder model acclaimed in the BRT Statement, unless the corporations adopt benefit corporation law.
The amendment would not just benefit stakeholders. It also provides a better structure for diversified shareholders. Conventional corporation law requires corporations to prioritize the interests of their shareholders, but this company-first approach fails to recognize that an individual company may profit from activity that undermines the social and environmental fabric upon which the vast majority of diversified shareholders depend. Beta stewardship goes hand-in-hand with the PBC structure.
3M (MMM): Proposal to Transition to a Public Benefit Corporation; Company No-Action Relief Letter; TSC Response to No-Action Relief Letter
Alphabet (GOOGL): Proposal to Transition to a Public Benefit Corporation; Company No-Action Relief Letter
Amazon (AMZN): Proposal to Transition to a Public Benefit Corporation; Company No-Action Relief Letter
BlackRock (BLK): Proposal to Transition to a Public Benefit Corporation
Caterpillar (CAT): Proposal to Transition to a Public Benefit Corporation
Facebook (FB): Proposal to Transition to a Public Benefit Corporation
S&P Global (SPGI): Proposal to Transition to a Public Benefit Corporation
Salesforce (CRM): Proposal to Transition to a Public Benefit Corporation
Tractor Supply (TSCO): Proposal to Transition to a Public Benefit Corporation; Company No-Action Relief Letter; TSC Response to No-Action Relief Letter
UPS (UPS): Proposal to Transition to a Public Benefit Corporation
Yelp (YELP): Proposal to Transition to a Public Benefit Corporation
Engagement focus
- Social
- Governance
- 12 - Responsible consumption & production
- 16 - Peace, justice & strong institutions
- 17 - Partnerships for the Goals
- Global