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Benefit Corporation Law and Governance by Frederick Alexander

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CHAPTER NINEConstituency Statutes

A VIABLE ALTERNATIVE FOR STAKEHOLDER GOVERNANCE?

Prior to the advent of benefit corporation legislation across the United States, many legislatures responded to the rise of shareholder primacy by adopting “constituency statutes.” These laws permit a board of directors to consider the interests of non-shareholders (“constituencies”) in making certain decisions.

This chapter examines the content of those statutes, as well as the treatment of the statutes in litigation and in the academic literature. The terms of the statutes should provide a useful contrast to the operative provisions of benefit corporation statutes, and the treatment by courts of constituency statutes may provide guidance as to how courts will ...

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