THE B ECONOMY: How benefit corporations benefit society, not just the bottom line.

• Position: BOARDBOOK

Proposed legislation from U.S. Sen. Elizabeth Warren, and new laws backed by Republicans, look to reform corporate governance and bolster movement to support the environment, social issues.

Warren dropped a bombshell piece of legislation that would require every company with more than $1 billion in revenue or 5,000 employees to become a "benefit corporation." Some called the legislation brilliant; others labeled it Marxist.

It is remarkable how closely the benefit corporation idea in her bill tracks legislation supported by Republicans around the country. Thirty of the 34 legislatures that adopted a benefit corporation option did so unanimously. The laws were signed by 16 Republican governors including Mike Pence, Nikki Haley, Sam Brownback, Scott Walker and Jan Brewer.

Libertarian Senator Rand Paul endorsed the benefit corporation in 2014.

Why has corporate law reform become a bipartisan...