TRENTON – Bi-partisan legislation sponsored by Senator M. Teresa Ruiz (D-Essex/Union) and Senate Minority Leader Tom Kean Jr. (R-Union) to create a new type of corporate structure in New Jersey that allows for-profit companies to organize in a way that promotes their social or environmental mission today cleared both houses of the Legislature.
“Many companies participate in philanthropic activities, but giving a business the ability to define itself as an entity with a specific mission of improving education or protecting the environment will give it a competitive edge,” said Senator Ruiz. “This bill will allow businesses to boost their bottom line while at the same time working to promote the public good.”
“State government has a responsibility to encourage private businesses to engage in activities that benefit the public,” said Senator Kean. “This legislation will encourage good corporate citizenship and foster greater sense of civic responsibility in New Jersey’s business community.”