Arthur Cox contributes to the Lex Mundi Pro Bono Foundation’s Social Enterprise report
The Lex Mundi Pro Bono Foundation, in collaboration with more than 60 Lex Mundi member firms (including Arthur Cox) and led by Morrison & Foerster LLP, launches unprecedented report including recommendations to assist policymakers in accelerating the formation and growth of social enterprises.
Partners and associates from across the Arthur Cox Dublin and Belfast offices have contributed to the Lex Mundi Pro Bono Foundation “Legal reform as a catalyst for social enterprise: an international social enterprise law & policy” report.
The report reviews laws and policies across 83 jurisdictions, with insight from hundreds of regional counsel who participated in the project, to offer a comparative analysis of how different countries support and enable the development of social ventures. It includes observations from each inhabited continent and every major legal structure, including key recommendations to assist policymakers in catalysing the formation and growth of social enterprises in their respective 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
- implementing easier investment vehicles for social enterprises
- guarding against corruption and “greenwashing”; and
- maintaining flexibility to allow for scaled application of rules and “opt-in” features.
Read the full report here.
Special thanks to the contributors from Arthur Cox: Sarah McCague, Partner, Pensions and Employee Benefits Group (Dublin); Tara O’Reilly, Partner, Asset Management and Investment Funds Group (Dublin); Richard Armstrong, Partner, Corporate and Commercial (Belfast); Katie Lawless, Associate, Pensions and Employee Benefits Group (Dublin); Doireann Nic Mhathúna, Associate, Pensions and Employee Benefits Group (Dublin); and, Carolann Minnock, Pro Bono Associate (Dublin).