California’s New Flexible Purpose Corporation:
Redefining the Corporate Form for the 21st Century

12/08/2011 01:30 a.m. - 01:30 p.m.

Clean Technology

Waterfront Restaurant
Main Dining Room (2nd Floor)
Pier 7, The Embarcadero
San Francisco, CA 94111

Susan H. Mac Cormac

Susan H. Mac Cormac


Why is corporate form important from a social and environmental perspective? Join us for a lively discussion of the limitations of traditional corporate forms, and learn about a new development that promises to change corporate governance, accountability, and reporting.

California S.B. 201, which was signed into law on October 9, created the Flexible Purpose Corporation (FPC). The FPC is a new corporate form that has an additional "safe harbor" that requires boards and management to consider a special purpose, such as environmental and social factors, in addition to shareholder value in both the ordinary course of business and change of control situations while protecting them from shareholder liability in connection with those actions. This new form and others like it represent an exciting shift in corporate law which promises to have a major impact on how businesses operate now and in the future.

Topics Include:

  • How does California's new Flexible Purpose Corporation (FPC) differ from traditional corporate forms, and why are those differences important?
  • What other alternatives are available to a socially or environmentally conscious company? What are the benefits and drawbacks of each alternative?
  • Why is corporate form important for environmental sustainability as well as traditional economic goals?
  • Now that the FPC legislation has passed, what will happen next? What types of companies can become an FPC?


  • Susan Mac Cormac
    Morrison & Foerster LLP


  • R. Todd Johnson
    Jones Day
  • Will Fitzpatrick
    General Counsel
    Omidyar Network
  • Jordan Breslow
    General Counsel
    New Island Capital

MCLE Credit: 1 Hour General California MCLE

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