Apex Companies is one of a handful of companies that kicked off the new year by becoming Minnesota’s first public benefit corporations.
Apex Arena Solutions, Apex Efficiency Solutions and Apex Facility Solutions joined with other companies like Finnegans, Peace Coffee and Advocacy Cycling Productions in the new corporate structure that started January 1st, 2015. The Minneapolis/St. Paul Business Journal explained how it works, “[It] allows for more flexible use of profits generated by businesses with the designation, rather than limiting the business to paying dividends to shareholders.”
Being a Specific Benefit Corporation (SBC), under the public benefit corporation umbrella, means Apex pledges to pursue specific public benefits among its primary objectives. Apex is required to submit a public annual report to the Secretary of State that details how the company met its specific benefit. “Apex is focused on two specific benefits to the community: First, to improve the environment by upgrading the energy efficiency of buildings, reducing both the carbon emissions and pollution that is released into the environment from these facilities. And second, to serve the less fortunate by helping alleviate poverty, improving educational opportunities, providing housing and addressing the exploitation of children,” Apex Co-founder Greg Ackerson said.
“Many Minnesota businesses are eager to file as a public benefit corporation to demonstrate to their community and customers that they want to make a positive impact on society, and not just a profit,” said then-Secretary of State of Minnesota, Mark Ritchie.
For Apex, this started even before the public benefit corporation was a reality. The company takes members of its staff on trips to Haiti to help support the community of Williamson.
For more information on public benefit corporations in Minnesota, click here.