In collaboration with The Lex Mundi Pro Bono Foundation on a project commissioned by Catalyst 2030, a Morrison & Foerster team drafted an unprecedented global report that includes recommendations to assist policymakers in accelerating the formation and growth of social enterprises. Morrison & Foerster’s involvement was led by Fredo Silva, San Francisco corporate partner and co-chair of the firm’s Social Enterprise and Impact Investing Group, and Olga Terets, a San Francisco corporate associate.
The comparative analysis Legal reform as a catalyst for social enterprise: an international social enterprise law & policy report reviews laws and policies across 83 jurisdictions, with insights from dozens of regional counsel who participated in the project, to offer a menu of potential mechanisms legislators, regulators and policy makers can adopt to support and enable the development of social ventures in their jurisdictions.
As part of its recommendations, the report identifies six pillars in a successful strategy to better support the growth of social enterprise:
Clearly defining social enterprise
Enabling fiduciaries to consider stakeholders other than business owners
Providing tax benefits to social enterprises and their investors
Making investment easier for social enterprises
Guarding against corruption and “greenwashing”
Maintaining flexibility to allow for scaled application of rules and “opt-in” features