February 28, 2018
The Dohmen Company creates Wisconsin's first benefit corporation
Today, Dohmen Constellations, the newest subsidiary in the Dohmen portfolio of companies, announced it has become Wisconsin's first benefit corporation under newly enacted state legislation.
A benefit corporation is a company that pledges to make a positive impact on society. While many companies can make contributions to the public, a benefit corporation has a public benefit as its stated purpose.
"For over a year we've championed legislative efforts to make this legal status available to companies in Wisconsin, so we're thrilled to be Wisconsin's first benefit corporation," said Cynthia LaConte, chief executive officer, The Dohmen Company. "Dohmen Constellations is reimagining business as a catalyst to build healthy communities, and our B-Corp status tells the world this isn't a byproduct of our work, it's the reason we exist."
While gender, race or zip code should not determine life expectancy, this is a reality for far too many Milwaukeeans with gaps of up to five years. Those experiencing high rates of poverty are more susceptible to poor physical, mental and social health outcomes.
Dohmen Constellations will be investing in a portfolio of businesses whose primary purpose is to create a social return on investment while also being self-sustainable. This means Dohmen Constellations will not only focus on traditional metrics like the financial performance of its businesses, but it will also aim to reverse the growing trend of economic inequity by shifting profits from shareholders to its employees.
Last year, attorneys at Foley & Lardner LLP representing Dohmen Constellations worked with bipartisan authors of the bill, Sen. Pat Testin, Rep. Ken Skowronski, Rep. Dianne Hesselbein and Rep. Dale Kooyenga, to support the creation of a benefit corporation designation in Wisconsin.
Signed into law in November, legislation went into effect this week. Wisconsin now joins 35 other states in offering companies the option to become a benefit corporation. For more information on Dohmen Constellations, visit http://www.dohmenconstellations.com.