A PBC is different from other corporate forms in two key aspects:
- A PBC, by its very nature, must operate in a socially responsible and sustainable manner; and
- A PBC has an explicit corporate purpose to promote one or more public benefits.
Viability is certainly important to a PBC, but that purpose is expanded to balance equally important social factors to enhance value to its shareholders, its customers, and the well-being of the communities where it operates. A traditional corporation prioritizes the financial interests of the shareholders where PBCs are not required to maximize shareholder value – consequently, they enjoy legal protection to balance financial and non-financial interests when making decisions. A PBC can enthusiastically explore and promote public benefits in the conduct of its corporate charter.
PBCs are not slaves to profitability – to the contrary, fulfilling its public benefit mission also becomes a prime responsibility of the company, its officers, and its employees!
Beneficial Reuse Potential
Many owners of surplus environmentally-impacted properties are uncomfortable selling them because they fear (appropriately) that their reuse could open the original, often deep-pocket owner up to increased liability. Legacy Land Stewardship’s mission includes exploring green, eco-friendly land uses that provide a sustainable public benefit back to the communities where they are located without changing the risk profile for the original owner.
Such low-impact land uses may include:
The potential reuse of properties conveyed to Legacy Land Stewardship is customized for the conveyor as defined in the Real Estate Transfer and Stewardship Contract. In some cases, no reuse will be stipulated. In other cases, reuse may be limited to activities that don’t change the risk profile of the property. The same principle applies to the potential for Legacy Land Stewardship to convey the property in the future. In some cases, the property will stay with Legacy Land Stewardship in perpetuity. In other cases, transfer of the real estate may be allowed, for example to a municipality within its stated reuse restrictions (such as a park).