Avignonesi, a Benefit Company
Benefit companies represent an evolution of the very concept of a company: they integrate in their corporate purpose, in addition to profit objectives, the aim of having a positive impact on society and the environment. It is a legal tool to create a solid foundation for long-term mission alignment and value creation. It ensures that the company’s mission is protected in the event of the entry of new investors, leadership changes and generational transfers.
A benefit company (Società Benefit in Italy) is therefore neither a social enterprise nor a non-profit organisation, but rather a new concept of for-profit business that takes on the challenges of the 21st century and brings about common benefits both for society and the environment. The law defines a ‘common benefit’ as the creation of positive effects (or the reduction of negative ones) vis-à-vis individuals, communities, territories and the environment, cultural and social heritage, entities and associations as well as other stakeholders.
In February 2021, Avignonesi became a benefit company by amending its articles of incorporation and its corporate object to include the aims of common benefit toward the environment and nature. Avignonesi’s directors are therefore obliged to manage the company with the aim of pursuing this common benefit - taking into consideration both the interests of shareholders and the interest of all stakeholders who may be directly or indirectly affected by the business. Every year, benefit companies establish specific goals that they will pursue under these common benefit objective. Avignonesi’s goals and actions toward the objectives are described in the following documents.