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The Kickstarter PBC Annual Report

Thursday, March 2, 2017 7:32
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(Before It's News)

Our portfolio company Kickstarter became a Public Benefit Corporation in the fall of 2015. I blogged about it at the time. A Public Benefit Corporation (PBC) is a specific type of corporation that allows for public benefit to be a charter purpose in addition to the traditional corporate goal of maximizing profit for shareholders (from Wikipedia).

One of the requirements of being a PBC is that you publish an Annual Benefit Statement after each full year as a PBC. Kickstarter published its first Annual Benefit Statement yesterday. You can read it here.

Here are some bits from the statement:

  • Our CEO’s total compensation in 2016 was 5.52x the median comp of all non-CEO, non-founder employees in 2016. A 2015 study by Glassdoor found that the average CEO earns 204x the median total worker compensation.
  • As of December 31, 2016, our team was majority women (53%), as was 61% of our Senior Team and half of our Executive Team.
  • 100% of our interns in 2016 joined us from New York-based organizations fighting inequality: Coalition for Queens, Prep for Prep, Ladders for Leaders, Tech Talent Pipeline, and ScriptED.
  • We donated 5% of our after-tax profits to six organizations working to build a more creative and equitable world.
  • We took advantage of two tax credits in 2016 and paid a combined effective tax rate of 25%.

I would encourage you all to read the entire statement. It stayed with me all day yesterday. I am proud to be a Director and investor in Kickstarter which is showing the world that you don’t need to choose between making money and doing right. You can do both at the same time.



Source: http://avc.com/2017/03/the-kickstarter-pbc-annual-report/

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