Tempest is a “Pennsylvania Benefit Corporation,” pursuant to 15 PA Cons Stat § 3302 (2018). Our goals and purpose more directly align with a “B” Corporation structure. Benefit Corporations have a new purpose that differs from traditional corporations. While traditional corporations have the single duty to maximize profit, benefit corporations have the increased purpose of considering society and the environment in addition to seeking a profit.
Our corporate structure requires that we must declare our commitment to creating public benefit (defined as a “material, positive impact on society and the environment, taken as a whole, as assessed against a third-party standard, from the business and operations of a benefit corporation.”), and in some cases may be required to declare a specific benefit that the business produces. Our firm is required to assess itself by a third-party standard to ensure that we are creating a positive impact.
Accountability: To ensure business accountability to creating material positive impact, our firm requires directors to consider society and the environment. Additionally, the structure provides shareholders with a private right of action to ensure any social impact investments are functioning according to the new purpose. These are much like the accountability elements of traditional corporations, however they include the consideration of society and the environment in addition to profit.
Transparency: We produce an annual Benefit Report, which is assessed against a third-party standard. Our annual benefit reports are publicly available and shared with shareholders.