October 01, 2014

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CSR Press Release

Compass(x) Strategy Among the First Legally Recognized Benefit Corporations in Illinois

Submitted by: Compass(x) Strategy

Categories: Corporate Social Responsibility, Sustainability

Posted: Jan 03, 2013 – 01:35 PM EST

 

CHICAGO, Jan. 03 /CSRwire/ - Yesterday, Compass(x) Strategy joined thirteen other companies to register as the first benefit corporations in Illinois on its first effective day. Public Act 97-0885, sponsored by Senator Michael Frerichs and Representative Sara Feigenholtz, establishes this corporate form to help create high quality jobs and a more sustainable and inclusive economy.

“I am so proud to have Compass(x) Strategy be one of the first registered benefit corporations. We are choosing to take this step because we want to make a formal commitment that our goals are broader than just make money. We want to ensure that we have a positive impact for all our stakeholders. Business is the most powerful force on the planet. We want to use that power as a force for good,” said Nancy Goldstein, Founder and Chief Strategist at Compass(x) Strategy.

Compass(x) Strategy is a Chicago-based brand strategy firm that works with purpose-driven CEOs to create sustainable growth. Nancy said, “We want to see more purpose-driven businesses succeed. Companies are figuring out that they don’t have to choose between making money and making a difference. It is an exciting time.”

Benefit corporations are a new kind of corporation legally required to: 1) have a corporate purpose to create a material positive impact on society and the environment; 2) expand fiduciary duty to require consideration of the interests of workers, community and the environment; and 3) publicly report annually on its overall social and environmental performance using a comprehensive, credible, independent, and transparent third party standard. This offers business more freedom in defining success and provides legal protection for those looking to pursue a corporate purpose other than maximizing profits for shareholders.

Illinois joins eleven other states, including two of the nation’s largest economies, California and New York in enacting benefit corporation legislation. Similar legislation has passed in Massachusetts, New Jersey, Virginia, Illinois, Louisiana, South Carolina, Hawaii, Vermont and Maryland with strong bipartisan support. Fifteen other states are moving forward for 2013. For additional information on benefit corporations, including national and local legislative updates, see www.benefitcorp.net.

About Compass(x) Strategy

Compass(x) Strategy is a Chicago-based brand strategy firm that creates sustainable growth for passionate companies. The firm works with purpose-driven CEO’s on strategic planning, vision and purpose development, growth opportunity assessments and marketing plans. For more information, contact us at info@compassxstrategy.com or www.compassxstrategy.com. Connect with Compass(x) Strategy on Facebook, Twitter, Google+ or Pinterest.

For more information, please contact:

Nancy Goldstein Chief Strategist
Phone: 773-255-4853
Twitter: @CompassX

 

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