We recently completed our Public Benefit Corporation Stockholder Report and are proud to share the results.
A public benefit corporation is a fairly new corporate form. Traditional corporations in the United States typically are required to maximize shareholder value above all else. While corporations may engage in socially responsible or mission-driven activities, these activities must always be secondary to, or somehow improve, the bottom line. Public benefit corporations, by contrast, may have an expanded public benefit purpose that doesn’t need to take a backseat to the maximization of shareholder value.
In 2013, the State of Delaware (where AltSchool is incorporated) passed legislation permitting the formation of public benefit corporations in the state. In 2014, AltSchool converted from a Delaware corporation to a Delaware public benefit corporation.
Being a Public Benefit Corporation is Aligned with Our Mission
AltSchool’s public benefit purpose, as provided in our mission, is to improve access to a quality education so that all children can reach their full potential. We are building a technology-enabled network to deliver the world’s best, most personalized education. The platform is designed to connect families, students and teachers through that network. Our technology empowers educators to measure and foster student agency as well as strong academic and non-academic standards-based progress.
Scaling our Public Benefit Purpose
We are entering our next phase as a benefit corporation. We have operated our own lab schools in California and New York for the last several years. Beginning fall 2017, we will begin growing a network of partner schools nationwide by adding our first cohort of pilot partner schools. Over the next few years, we will expand that frontier to include diverse schools of all types, sizes, and approaches.
We invite you to read more in the full report.