Cambridge International Legal English Certificate
Dr Salvatore Ivan Italiano. Accreditation Number 500/4287/7.
Legal English Translation by J.D. Ian Barton & Dr Salvatore Ivan Italiano;
© (2016) Lawinwordsblog.com
Italian Corporate Law Number 208 – 28 December 2015
Article 376. The provisions of articles 376-382 are intended to promote the establishment of corporate entities denominated by the title “Società di benefit” whose activities combine a view of profit while acting for the common good. Within the scope of this approach a “Società di benefit” acts with a responsible awareness of the impact that its commercial activities will have on other individuals and communities.
Article 377. The objectives set out in article 376 are specifically incorporated within the constitution of the “Società di benefit”. These objectives are to be pursued striking a balance between the vested interests of the corporate associates and those of the people upon whom they can be expected to have an impact. These objectives are to be implemented in accordance with the related statutory corporate law.
Article 378. The term “common good” is defined as the intent to pursue one or more positive results in the commercial activity of the corporation while seeking to reduce a negative impact upon communities and others as expressed in article 376. The term “stakeholder” is defined as those who are directly and indirectly engaged in the business activities of the corporation. For example, employees, clients, suppliers, financial backers, creditors, local government and civil society.
Article 379. A corporation described as a “Società di benefit” must state the common good intended to be achieved. It may add the term “Società di benefit” alongside its corporate name or the abbreviation “SB” which may also appear on its issued corporate bonds.
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