Photo: BC Gov Flickr

Carole James

The British Columbia government has created the option of so-called benefit companies that would measure their success through service to the community, not just profits.

Finance Minister Carole James says B.C. has introduced historic and collaborative legislation to become the first province in Canada allowing companies to create a corporate structure that includes giving back.

She says businesses would commit to responsible and sustainable practices while promoting public benefits and serving the interests of stakeholders.

A variety of causes could reap the benefits, including those that are charitable, educational, environmental and artistic.

James says benefit companies will help propel B.C.'s economy as the province works to rebuild from the impact of COVID-19.

A bill introduced in May 2018 by then Green party leader Andrew Weaver led to the legislation that requires businesses to specify their public benefit goals in their articles of incorporation.