Wolfstone Quoted and Featured as a ‘Leader to Watch in the Sustainable Business Ecosystem’ in Portland Business Journal
Lane Powell Shareholder Jeff Wolfstone was quoted and featured in the June 29 Portland Business Journal as a “Leader to Watch in the Sustainable Business Ecosystem” for being one of the first lawyers to help company leaders who want to do the right thing incorporate Benefit Corporation values into their legal structures. In the same section, Wolfstone was quoted in an article titled “Lawyers Eye Social Change: A new class of socially responsible companies may clamor for a new kind of legal service.” The article was about the rise of social benefit corporations and the Oregon Business Corporation Act, of which Wolfstone helped craft changes.
“It’s become recognized there’s a need for some kind of organization that might have some of the attributes of business organizations and what we traditionally think of as nonprofits,” Wolfstone said.
He is working with the group proposing a Benefit Corporation statute in Oregon. He believes it can be an ideal fit for companies in which environmental and social stewardship drive everything from materials and supply chain to product end-of-life disposal and recycling. He points to client Nau, the apparel company now owned by Horny Toad Activewear, as one early example.
If the bill passes, he said, “I would view it as one more tool in the drawer, and we have to understand it and we have to be good at it. We have to know how it works and who it is right for.”
“I think it can signal that a company is especially dedicated. But value judgments undoubtedly will remain as to whether one company is having superior social or environmental impact as compared to another,” he said.