EA in the News
FOR IMMEDIATE RELEASE
EA Becomes a 100% Employee-Owned Public Benefit Corporation
Hunt Valley, Maryland (16 December 2014)—EA Engineering, Science, and Technology, Inc., PBC (EA), a leading provider of interdisciplinary environmental services, announced today that it has made two key changes designed to enhance the long-term sustainability of the firm. The changes include the consummation of a series of transactions, the results of which are that the Company is now 100% owned by its Employee Stock Ownership Plan (ESOP); and the Company is now registered as a public benefit corporation under Delaware corporate law. As a result, EA Engineering, Science, and Technology, Inc. is now EA Engineering, Science, and Technology, Inc., PBC. These changes make EA a “first-mover” among major national environmental consultancies as a 100% ESOP-owned public benefit corporation.
“Given our environmentally-focused mission, our employees’ interest in supporting our communities, and our firm’s commitment to sustainability, EA is well-aligned to operate as a public benefit corporation,” commented Ian MacFarlane, EA’s President and Chief Executive Officer. “Furthermore, we see our clients’ own commitments to sustainability and green procurement as a growing trend that is here to stay. Adoption of public benefit corporation status in our company charter means that, in addition to continuing to provide high quality environmental services, we will plan, measure, and report on EA’s progress in delivering our specific public benefits, which will further distinguish and enhance the value we create for ourselves, our clients, and our environment.”
About Public Benefit Corporations
A public benefit corporation, or “PBC,” is a new class of corporation designed to enable for-profit corporations to produce tangible public benefits while operating in a responsible and sustainable manner. PBCs are required to balance the interests of non-stockholder stakeholders (such as clients, local communities, and the general public) with their own pecuniary interests, in such a manner that the public benefits identified in the entity’s certificate of incorporation are promoted and achieved. The term public benefit generally refers to the positive impact (or reduction of a negative one) that is created as a result of the PBC carrying out its stated legal purpose, which may relate to a variety of societal, scientific, or other relevant benefits. PBC entities operate in a transparent manner, and are required to report biennially to shareholders about their overall impact on shareholder and public interests. For more information on Delaware’s PBC code, visit http://delcode.delaware.gov/.
About EA Engineering, Science, and Technology, Inc., PBC
EA is a 100% ESOP-owned public benefit corporation that provides environmental, compliance, natural resources, and infrastructure engineering and management solutions to a wide range of government and industrial clients. Headquartered in Hunt Valley, Maryland, EA employs more than 400 professionals through a network of 23 offices across the continental United States, as well as Alaska, Hawaii, and Guam. In business for more than 41 years, EA has earned an outstanding reputation for technical expertise, responsive service, and judicious use of client resources. For more information about EA, visit www.eaest.com.