Cariloop announced today that its Board of Directors and Shareholders jointly approved a resolution that enables the Company to become a Public Benefit Corporation (PBC), effective immediately. As a PBC, Cariloop’s team and its Board of Directors will jointly focus on using their expanding platform to create meaningful positive impact as they strive to support more family caregivers around the world.
“Our team is incredibly honored to be joining this growing coalition of organizations working to create a positive impact on society.”
“In outlining what it means to grow and evolve our business responsibly, we believe our practices must reflect our enduring commitment to creating the global standard for how we care for and support each other,” Michael Walsh, Cariloop’s Co-Founder and Chief Executive Officer, said. “Our team is incredibly honored to be joining this growing coalition of organizations working to create a positive impact on society.”
As a value-centric organization in the employee benefits industry, Cariloop’s PBC conversion signifies its commitment to ensuring the well-being of employees and their families throughout Corporate America as they navigate balancing work and caring for loved ones.
“Especially over the last year, we’ve seen how crucial it is to provide families with dedicated, professional support as we all navigate uncertain times,” Walsh said. “We’re excited to explore the ways our PBC status will allow us to connect the important work our team is doing with those who need it most.”
A Public Benefit Corporation (PBC) is a traditional for-profit corporation with modified obligations committing it to higher standards of purpose, accountability and transparency. As part of this change, Cariloop established a Statement of Public Benefit that it has added into its Articles of Incorporation to give the Company specific, measurable goals to strive for in the pursuit of its mission.