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 Certificate of Adoption of Transparency and Sustainability
As of Oct. 1, 2018, companies incorporated in Delaware could begin filing for a voluntary Certificate of Adoption of Transparency and Sustainability Standards through the office of the Delaware Secretary of State.
The legal team at Richards, Layton & Finger was part of the group that helped craft the legislation that created the certificate.
“The certification process does not prescribe specific standards or criteria for sustainability,” says the firm. “Instead, any business seeking the certification adopts its own principles, guidelines, and standards that guide its business activities in a sustainable and responsible manner, as well as metrics for assessing whether it has met its own objectives.”
Melanie George Smith, the founder and president of Sustainable World Strategies, was the primary sponsor of the bill while she was a Delaware state representative.
“It really gives the marketplace an apples-to-apples comparison of a company’s level of commitment to sustainability,” Smith said on the Expert Insights podcast. “That means that sustainability initiatives will be measured, which is the first process for accountability. And having a board commit to sustainability is a very strong indicator of a company’s commitment to sustainability.”
Corporations and the Courts
Wilmington, the state’s largest city, earns its nickname as the “Corporate Capital of the World” with than half of all publicly traded companies in the United States and more than 60 percent of the Fortune 500 are incorporated in Delaware. Among the many reasons to incorporate in Delaware is the state’s Chancery Court. Focusing solely on corporate law and relying on judges instead of juries, the Chancery Court has developed a significant body of precedent and has the resources and motivation to provide quick hearings.
“People can be very different, but every businessman wants to operate on a playing field that is leveled by the rule of law and country stability,” said Caroline Quigley, managing partner of Inc. Plan. “Many of our clients find that incorporation in Delaware, with its body of corporation law and its practical approach to corporate compliance, is a great first step to conducting international business in an orderly and respected way.”
Since 1990, Inc. Plan has provided both domestic and international companies with help in all aspects of incorporating services, including the initial state filing, ongoing maintenance for the corporation, service as Registered Agent and mail forwarding.
“Because of our diverse staff and our ability to communicate in many languages, Inc. Plan has a clientele that ranges from South Africa to Uzbekistan,” Quigley said.
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