G21-P011 Promoting Social Purpose Businesses

Submitter Name

Tom Whitlam

Ratification Vote Results: Adopted

Proposal

The GPC will develop policies to support the proliferation of social purpose businesses and corporations across Canada and internationally.

Objective

The single-minded pursuit of the maximization of profit and shareholder value is a core reason for many of our world’s troubles. A social purpose business is one that adopts a charter and a definition of fiduciary duty that requires the pursuit of social and ecological benefits for all stakeholders, as well as financial benefit for its owners and shareholders. This policy proposal aims to help these social purpose businesses proliferate across Canada and internationally.

Benefit

The benefits of such a change are immediate for the stakeholders of a social purpose business, including customers, suppliers, workers, Nature, and the communities where it operates.

Supporting Comments from Submitter

The best evidence comes from the success of registered Benefit Corporations (B Corps), of which there are 3,585 in the world in 74 countries, including 71 in Canada.

https://bcorporation.net

To win certification, B Corps have to complete a tri-annual Impact Assessment and score at least 80 points out of 200, winning points for the way they treat their workers, the community and the environment.

https://bimpactassessment.net/how-it-works/frequently-asked-questions/the-b-impact-score.

See also: The Purpose Revolution: How Leaders Create Engagement and Competitive Advantage in an Age of Social Good, by John Izzo and Jeff Vanderwielen.

Green Value(s)

Ecological Wisdom, Sustainability, Participatory Democracy, Social Justice, Respect for Diversity, Non-Violence.

Relation to Existing Policy

Add to current GPC policy