Changes At Kickstarter Legally Require Company To Act For Greater Good
Kickstarter has made changes to the structure of the company which now obligate it to act for the greater good by reincorporating as a public benefit corporation to stay true to its core values. A public benefit corporation is legally bound to pursue a positive impact on society. To reflect the change Kickstarter Inc is now Kickstarter PBC.
The company announced the change on their website, including the following commitments.
"We renew our longstanding commitment to arts and culture. We declare how we plan to conduct ourselves in situations that are often swayed by profit motives. And we newly commit to donate 5% of annual post-tax profits to arts education and organizations fighting inequality. Every year, we’ll release an assessment of how we’re performing on the commitments we’ve made."
Kickstarter stated that there were no dissenting shareholder votes in regards to this change in the company structure.
Image Credit: https://commons.wikimedia.org/wiki/File:Kickstarter_logo.svg?uselang=en-gb
Posted on Mon, September 21, 2015
by Jonathan Kervin