|Kickstarter Inc is no more. They’re now Kickstarter PBC — a Public Benefit Corporation. But what exactly does that mean?
According to a mass email sent out this morning “the idea of a for-profit company pursuing social good at the expense of shareholder value had no clear protection under U.S. corporate law. Companies that believe there are more important goals than maximizing shareholder value have been at odds with the expectation that for-profit companies must exist ultimately for profit above all.”
However recent changes have provided for a new legal structure, the Benefit Corporations which is different. They’re public release continues, “Benefit Corporations are for-profit companies that are obligated to consider the impact of their decisions on society, not only shareholders. Radically, positive impact on society becomes part of a Benefit Corporation’s legally defined goals.”
To read more about what they think is important, you can find a link to our Benefit Corporation charter here. There you can find a list of values and commitments they’ll live by: “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.”