{"id":6321,"date":"2016-12-09T10:05:00","date_gmt":"2016-12-09T10:05:00","guid":{"rendered":"http:\/\/progresomicrofinanzas.org\/en\/?p=6321"},"modified":"2016-12-15T10:19:23","modified_gmt":"2016-12-15T10:19:23","slug":"creation-of-benefit-corporations","status":"publish","type":"post","link":"https:\/\/www.fundacionmicrofinanzasbbva.org\/revistaprogreso\/en\/creation-of-benefit-corporations\/","title":{"rendered":"Creation of Benefit Corporations"},"content":{"rendered":"
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The Bill to create \u201cCollective Benefit & Interest\u201d companies (BIC) in the private sector is currently going through Colombia\u2019s Congress. These are equivalent to what is known in the US as \u201cbenefit corporations\u201d and any firm will be able to adopt this company structure if it wishes to be identified as a company that pursues not only profits for its shareholders, but also to protect the interest of the local community and the environment.<\/span><\/p>\n

This would give official recognition to a new purpose for companies, by underpinning their business model with new standards relating to governance, employees, the environment and the community.<\/span><\/p>\n

To achieve BIC classification, the mission statement of for-profit firms must include the following:<\/span><\/p>\n

    \n
  1. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Ethical wages for employees and an analysis of their wage spread.<\/span><\/li>\n
  2. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Subsidised professional training and development for employees and professional redeployment programmes for them.<\/span><\/li>\n
  3. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Share options for employees .<\/span><\/li>\n
  4. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Possibilities for flexi- and tele-working without impact on employees\u2019 wages.<\/span><\/li>\n
  5. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Job options for the structurally unemployed.<\/span><\/li>\n
  6. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Increased diversity in the composition of the board of directors, administrative teams, executives and the company\u2019s other management bodies.<\/span><\/li>\n
  7. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Local sourcing of goods and services.<\/span><\/li>\n
  8. \u00a0\u00a0\u00a0\u00a0\u00a0\u00a0Annual environmental audits.<\/span><\/li>\n<\/ol>\n

    Firms that are set up as BIC companies must also submit an impact report to the Annual General Meeting on the collective benefit and interest activities developed by the company.<\/span><\/p>\n

    Furthermore, the Bill stipulates that BIC companies will be subject to inspection and oversight from the Companies Authority.<\/span><\/p>\n

     <\/p>\n

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