Oregon Sustainability Movement: Supported by HB 2826
People think of Oregon, or at least Oregonians think of Oregon, as the cradle of the sustainability movement. And why not? Portland has more hybrid cars and "green buildings," per capita, than any other American city.
But, the Oregon legislature has taken Oregon’s Sustainability leadership to another level. When Governor Ted Kulongoski signed HB 2826 into law, Oregon became the first state to recognize legislatively the triple bottom line. The triple bottom line measures a corporation’s success according to the business’s impact on the environment, its contribution to the community, and its economic profitability.
Dick Roy, whose organization, Oregon Lawyers for a Sustainable Future, drafted the legislation, often compares the triple bottom line to a three-legged stool. Before HB 2826, corporate business practices could legally stand on only the profitability leg. Corporations have traditionally operated under the guiding legal principle that a corporation’s primary purpose is to maximize shareholder wealth.
HB 2826, codified at ORS 60.047(2)(e), places environmental and social issues on par with shareholder wealth and corporate profits. Now, articles of incorporation may include a specific statement that enables a corporation to conduct its business “in a manner that is environmentally and socially responsible.” In Oregon, a corporation can legally pursue sustainable business practices.
I’m sure Governor Kulongoski hopes that HB 2826 will attract business and investment to Oregon. If you’re a socially responsible business, Oregon is a great and welcoming place to call home.
