This article points out a shift in the “human corporate self-apprehension” where profit maximization is not the sole reason for incorporation or investment. Public Benefit Corporation is a new type of a corporate vehicle. Its incorporation and functioning is regulated by the same legislation that applies to a traditional limited liability company. Its main distinctive attributes are corporate purpose, accountability of its management, and transparency requirements. Although, a Public Benefit Corporation does not impose any revolutionary amendments to the way the traditional corporations are, it offers a legal framework where public benefit is more important than profits. As a corporate entity, Public Benefit Corporation already exists in numerous jurisdictions and those jurisdictions that do not yet facilitate creation of this corporate form should most definitely consider it.
European Business Law Review