Impact Policy Tracker Policy

Spain’s Societies of Benefit and Common Interest (SBICs)



In 2022, Spain introduced the legal framework for Benefit and Collective Interest Companies (SBICs) through Law 18/2022, adapting the U.S. Benefit Corporation model to the Spanish context. This legislation allows companies, such as Public Limited Companies (SA) and Limited Liability Companies (SL), to adopt a triple-impact model, aligning their corporate objectives with social and environmental goals. B Lab Spain played a key role in advocating for this legal recognition, championing the “Empresas Con Propósito” initiative that helped drive the inclusion of this framework in the law.



Highlights

  • Inspired by French and Italian Precedents: Similar to Italy and France, SBICs in Spain must integrate their social and environmental commitments into their articles of association, creating a legal obligation to deliver positive societal impacts. The model is still in its early stages, with a limited number of SBICs currently registered.

  • Implementation still in Process: Although Law 18/2022 lays out the SBIC framework, its detailed regulatory development is still pending. The law requires companies to uphold high standards of transparency and accountability in pursuing their social and environmental objectives. However, specific indicators and reporting mechanisms have not yet been defined. A guidance document on the special characteristics of the articles of association for Benefit and Collective Interest Companies has been published, offering principles and recommendations that may inform future regulatory standards and assist companies seeking to adopt the SBIC model.

Government’s Role:
Market Regulator


Country:
Spain

Policy Type:
Specific Legal Forms for Impact-driven Businesses

Year: 2022

Responsible Institution:
Congress of Deputies

Additional information:
Benefit Corporations and Collective Interest Companies: A Growing Movement

Specific Legal Forms for Impact-driven Businesses

What are Specific Legal Forms for Impact Businesses?

Since the introduction of the Benefit Corporation (BC) model in the United States in 2010, several countries, including Italy (2016), France (2019), and Spain (2022), have established specific legal statuses -such as società benefit and entreprise à mission- that allow companies to pursue both profit and public benefit simultaneously, clearly demonstrating their commitment to creating positive societal impact. Benefit Corporations differ from traditional business models as they are legally required to pursue a public benefit, not just increasing profits for shareholders. This means that directors and executives must consider the interests of all stakeholders, such as employees, suppliers, customers, the community, and the environment. Furthermore, Benefit Corporations must report their performance using third-party standards to assess their social and environmental impact.

Among the advantages of adopting such statuses are legal protection for directors who prioritise long-term social and environmental goals over short-term profits, enhanced employee retention, and increased customer loyalty. BC status also provides clarity for impact investors and signals a company’s commitment to its social and environmental purpose. In some countries, such as Colombia, the legal status is tied to tax incentives, offering tangible financial benefits. However, the necessity of creating a specific legal form depends on each country’s existing regulatory framework. In some cases, such as South Korea, governments have opted for certification systems rather than new corporate structures. 

For more information on specific legal forms for impact businesses, visit The Rise of Benefit Corporations (2024) and The International Handbook of Social Enterprise Law (2022).