STAND. COM. REP. NO.  1523

 

Honolulu, Hawaii

                , 2011

 

RE:   S.B. No. 298

      S.D. 3

      H.D. 3

 

 

 

 

Honorable Calvin K.Y. Say

Speaker, House of Representatives

Twenty-Sixth State Legislature

Regular Session of 2011

State of Hawaii

 

Sir:

 

     Your Committee on Finance, to which was referred S.B. No. 298, S.D. 3, H.D. 2, entitled:

 

"A BILL FOR AN ACT RELATING TO BUSINESS REGULATION,"

 

begs leave to report as follows:

 

     The purpose of this bill is to offer entrepreneurs and investors the option to start and invest in businesses that operate in a socially and environmentally sustainable manner by authorizing a designation and code of conduct specific to a sustainable business corporation (SBC) where oversight is provided through specified means.

 

     Several concerned individuals supported this bill.  Imua Alliance provided comments.

 

     Your Committee has amended this bill by:

 

     (1)  Clarifying that should a SBC specify "enhancing environmental protection" as a public benefit, the SBC status will be permanent and the specific public benefit will not be deleted from the articles of the corporation unless the annual statement concludes, rather than just reflects, and the SBC fails to pursue, rather than fails to meet, a specified "enhancing environmental protection" public benefit; and

 

     (2)  Making technical, nonsubstantive amendments for clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Finance that is attached to this report, your Committee is in accord with the intent and purpose of S.B. No. 298, S.D. 3, H.D. 2, as amended herein, and recommends that it pass Third Reading in the form attached hereto as S.B. No. 298, S.D. 3, H.D. 3.

 

Respectfully submitted on behalf of the members of the Committee on Finance,

 

 

 

 

____________________________

MARCUS R. OSHIRO, Chair