From: Steve Klass
To: Dean Sanpei,
Subject: Thank you for your support of SB 133, creating benefit corporations to Utah
Date: Fri Feb 21 17:07:49 MST 2014
February 21, 2014 Dear Representative Sanpei, As business leaders in the great state of Utah, we are writing to express our support for benefit corporation legislationS.B. 133, chief sponsor Senator John Valentine and co-sponsor Senator Pat Jones, to ask you to support it as well. The legislation will create a new corporate entity, the benefit corporation. A benefit corporation is a new corporate entity offering entrepreneurs and investors the option to build and invest in businesses that meet higher standards of corporate purpose, accountability, and transparency. In a traditional corporation, fiduciary duty focuses exclusively on increasing shareholder profits. In the case of benefit corporations, fiduciary duty is redefined through a statement that the creation of public benefit is in the best interests of the benefit corporation. This allows corporate officers to define other goals beyond profit making and, in turn, gives investors the power to require those officers to make decisions that reflect those goals, even when they lower profitability. We believe that benefit corporation legislation is a cost free tool that will support economic development, while it opens up the free market and deregulates corporate purpose, as well as brings considerable improvements to the state of Utah. Benefit corporation legislation supports entrepreneurship and fosters greater impact investment in our local companies and communities and encourages companies to incorporate in our state. States that welcome these new businesses will be poised for growth. THANK YOU for supporting the creation of benefit corporations in Utah! Sincerely, the following business associations, businesses and entrepreneurs: Economic Development Corporation of Utah Salt Lake Chamber Utah Valley Chamber of Commerce Adjacent Consulting, organization development ASG Advisors, social impact consulting Be Locally SEO, web design Classy Chasis, auto restoration Cole Holland College, health profession training Cotopaxi, recreation equipment retailing DwellTek, solar installation Goal Zero, solar generators Impact Hub Salt Lake, social enterprise center Kenner Kingston, commercial architect Klass Strategies, management consulting Laziz Foods, specialty food production Lotus Community Development Consulting Momentum Recycling Responsible Asset Management, brokerage Rising Summits, consulting to nonprofits Sorenson Global Impact Fund Spa Secrets 4 You, cosmetics manufacturing Sustainable StartUps, business accelerator Sustain3, employee engagement services Third Sun Productions, web design Treasure Mountain Inn Underfoot Floors, flooring materials Valley Services, staffing services Xmission, Internet services Richard Young, Environmental Engineer