On December 19, 2024, fragrance manufacturer Agrumaria Reggina announced that it has become a benefit corporation. This designation will help align the company’s business objectives with its social and environmental values.
Italy introduced the benefit corporation designation in 2016. According to the law, benefit corporations are defined as “those companies which, in the exercise of an economic activity, in addition to the purpose of dividing its profits, pursue one or more purposes of common benefit and operate in a responsible, sustainable and transparent way towards people, communities, territories and the environment, cultural and social goods and activities, cultural entities and activities, associations and other stakeholders.”
With this designation, officials at Agrumaria Reggina stated that these values are embedded in the company’s corporate statute. The company also stated that it will release an annual report to track progress against clearly defined goals.
“Agrumaria Reggina’s shift to benefit corporation underscores its commitment to harmonizing business objectives with broader societal and environmental goals,” the company said in a press release. “As the company embarks on this new chapter, it aims to inspire the industry to embrace a more holistic approach to responsible and sustainable business practices.”
