As a worldwide leader in corporate law, Delaware has an exciting role in shaping future opportunities for American businesses.
Now with that comes a great responsibility to help ensure our businesspeople have the chance to contribute all they can to our economy and our communities.
I proudly signed a law this week that recognizes many of our hardworking and innovative entrepreneurs who not only see their companies as a way to turn a profit, but also as a vehicle for giving back to society, reducing impact to the environment, and benefitting customers, employees, suppliers and vendors.
The law authorizes public benefit corporations in our state, and is a testament to the commitment of leaders in our business and legal communities who are ensuring Delaware reaches its potential. Every public benefit corporation will specify one or more public benefits, which include everything from providing healthy meals to children and families to protecting the environment. These companies will be held accountable for fulfilling that purpose and they'll commit to transparency regarding their overall social and environmental performance.
Some of the most innovative and fastest growing private companies in America will be among the first to register as Delaware public benefit corporations when this law goes into effect on August 1st. They include baby food business Plum Organics, fair trade company Alter Eco, and green paper supplier New Leaf Paper. By encouraging these companies to incorporate and locate operations in our state, we'll be a leader in an innovation that harnesses the power of private enterprise to create broader societal good and we'll keep Delaware moving forward.