Submitted by UCS on November 5, 2019
Effective November 1, 2019, new and existing business corporations will be able to become Benefit Corporations with the purpose of providing general and specific public benefit as defined under the Oklahoma Benefit Corporation Act.
What is a Benefit Corporation?
A Benefit Corporation is defined as a traditional corporation with modified obligations committing it to higher standards of purpose, accountability and transparency. The purpose of a Benefit Corporation is to commit to creating public benefit and sustainable value in addition to generating profit.
New companies can incorporate as a benefit corporation in any state where legislation has been passed. Existing companies can elect to become a benefit corporation by amending their governing documents. Amendment requires a 2/3 super-majority vote of all shareholders in most states. The procedure for filing amendments with the state is identical to that followed for any other corporate structure with the addition of a statement that the company is a benefit corporation.
For additional information on Oklahoma Benefit Corporations you may refer to sections 1201 through 1210 of Title 18 of the Oklahoma Statues.
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