King Arthur Flour Becomes a Vermont Benefit Corp.
The employee-owners of King Arthur Flour have voted to become a Benefit Corporation in Vermont. The Green Mountain State was the second state to pass legislation allowing companies to demonstrate higher standards of corporate purpose, accountability and transparency. Benefit Corporations are also recognized in Maryland, New York, New Jersey, Virginia, Hawaii and California.
“King Arthur Flour is a 222-year-old company interested in preserving its mission and values into the next two centuries,” said President Steve Voigt. “King Arthur looks forward to helping our baking community with ingredients, information and inspiration for a long time to come.” King Arthur Flour appointed Carol Atwood, current chair of the board, to also serve as the Benefit Director. This position will oversee the company’s commitment to its corporate purpose and multiple stakeholders.
In becoming a Benefit Corporation recognized by Vermont state law, the Norwich, Vt.-based company must adopt a corporate purpose of creating a material positive impact on society and the environment, and to require its directors to consider non-financial interests when making decisions.
Further confirming the company’s commitment to these standards, King Arthur Flour has been named to the first ‘Best for the World’ list as a business creating the most positive worker impact. King Arthur Flour, known in gourmet retail circles for its Baker's Catalogue and Baker's Store, and the other ‘Best for the World’ businesses earned a score in the top 10 percent of all Certified B Corporations – a certification distinct from Vermont Benefit Corporation – and, on average, two times higher than the average score of nearly 2,000 other sustainable businesses that have completed the B Impact Assessment.
“King Arthur Flour is a leader in the global movement to redefine success in business,” said Jay Coen Gilbert, cofounder of B Lab, the nonprofit organization that governs the B Impact Assessment and certifies B Corporations. “King Arthur Flour is among the best in the world at being the best for the world.”
The ‘Best for the World’ lists appear in the 2012 B Corp Annual Report published by B Lab. More information on benefit corporations is online.