Nancy Hancock Quoted in Hartford Business Journal Article on Benefit Corporations in Connecticut
Nancy Hancock, a Pullman & Comley attorney and co-chair of the firm’s Business and Finance practice, spoke with the Hartford Business Journal about the state of certified Benefit Corporations (B Corps) in Connecticut which were legalized nearly a decade ago. Within the last decade, 241 companies, including only 26 in Connecticut, have adopted the ownership model, which requires businesses to take part in initiatives that generally benefit society and the environment, or create specific public benefits.
B Corps put themselves in a position to highlight and promote a company's commitment to social entrepreneurship, but some say the complexity of the legal structure outweighs the benefits. Nancy, who works with business clients across the state, believes they can showcase their commitment to social responsibility without the official certification. “I think there are other ways to do it now, and other ways to take advantage of all our learning over the past 10 years since the statute was first passed. A well-run corporation now takes into account stakeholders in addition to its shareholders quite routinely,” Nancy said.
To read the full article, please visit the Hartford Business Journal website.