Corporation Service Company Helps Form One of Delaware’s First Public Benefit Corporations

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Socially Minded Corporations Permitted Under New State Law Enacted Today

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CSC has offered formation services for more than a century, and it’s gratifying to see the options expanded to include socially and environmentally minded businesses.

Corporation Service Company® (CSC®), a leading global business, legal and financial services firm headquartered in Wilmington, Delaware, today filed formation documents for one of the state's very first Public Benefit Corporations.

In a special ceremony at Governor Jack Markell’s office, the Delaware Division of Corporations gave its stamp of approval to several new entities with declared “public benefits.” Today’s event grew from Markell’s signing, last month, of legislation clearing the way for companies to form Public Benefit Corporations (PBCs) in the state.

PBCs are committed to pursuing a "triple bottom line" that balances profits, people, and the planet. In exchange for their dedication to responsibility and sustainability, they enjoy greater legal protection for their directors and enhanced attractiveness to like-minded investors.

Public Benefit Corporations are required to cite one or more specific “benefits” in their certificates of incorporation, including those of an artistic, charitable, cultural, economic, educational, environmental, literary, medical, religious, scientific or technical nature. Currently, 19 U.S. states plus the District of Columbia allow the formation of benefit corporations, a number that seems poised to grow as interest flourishes in businesses that “do well by doing good.”

Earlier this year, Gov. Markell announced that Delaware is now the legal home to more than one million corporate entities. Long known as the world's "corporate capital," the First State is the legal domicile for more than half of all publicly traded U.S. companies and nearly two-thirds of the Fortune 500®. This new business category is sure to continue that trend and further enhance Delaware’s worldwide stature for corporate governance and law.

“We’re honored to have been able to help ‘kick off’ this exciting new business trend,” said CSC Vice President Steven Gades. “CSC has offered formation services for more than a century, and it’s gratifying to see the options expanded to include socially and environmentally minded businesses. As a company with deep roots in Delaware, we’re ready and able to assist those who decide to pursue this unique corporate structure.”

About CSC
Corporation Service Company® (CSC®), a privately held business and legal services organization, provides matter management, corporate compliance, and trustee services for companies and law firms worldwide; digital brand services for top global brands; and due diligence and transactional services for the world’s largest financial institutions. Founded in 1899, CSC has more than 1,800 employees located throughout North America, Europe, Africa and the Asia-Pacific region. In 2012, the New Jersey Law Journal named CSC "Best Incorporation Services" provider. Visit http://www.cscglobal.com to learn more.

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Kent Priestley
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