What is a Social Purpose Corporation?

Boma Jewelry is a proud Social Purpose Corporations or SPCs (also commonly known as B-Corps) are for-profit corporations that support socially responsible business. SPCs provide a framework to allow companies to maximize financial returns and to promote positive impact on the company's employees, community and or the environment.

Social Purpose Corporation legislation allows corporations to pursue financial profit along with a stated general and specific social and or environmental benefit of its own designation. SPCs are required to notify prospective investors that their goals will not be limited to earning a profit. Its aim is to protect directors from shareholder legal action and was drafted and supported by the Washington State Bar Association. (Source)

 

Annual Benefit Reports

SPCs must issue an annual report that is available to the public and provides details on the general or specific social purposes, including the corporations efforts to promote its social purpose. It may include the annual objectives that it has set to achieve its purpose(s); the metrics used; how it has achieved or fallen short of the stated objectives; and how much money was spent in furtherance of the social purpose. It may be prepared in accordance with a third party standard, but that is not a requirement.

 

Boma Annual Benefit Report

Boma became an SPC in Q1 of 2020. We will publicly share our first Annual Benefit report on our website in Q1 2021.