Local Digest

Md. lawmakers approve 'benefit corporation' status

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Wednesday, March 31, 2010


Lawmakers back 'benefit corporations'

Maryland legislators say the state may become the first to have a new form of corporation designed to encourage socially conscious, for-profit companies.

Del. Brian J. Feldman (D-Montgomery), sponsor of the House bill, issued a statement saying the bill creates the "socially and environmentally-conscious branding that hundreds of corporations" are seeking. The measure would offer legal protection for company directors who make reasonable business judgments that include social and environmental values.

Both chambers have approved bills to create "benefit corporations," or "B corporations." When a common version is approved, the bill will go to the governor.

-- Associated Press


Sallie Mae chief had salary cut in 2009

Albert L. Lord, chief executive of student-loan provider Sallie Mae, received nearly $5.4 million in compensation last year, a 35 percent cut from 2008, according to a regulatory statement. Most of the reduction came from the lower value of stock and options for the Reston-based lender, formally known as SLM Corp.

Lord received stock and options that were valued at $3.1 million when they were granted, down from $6.6 million in 2008. His salary was trimmed to $1.3 million from $1.5 million in 2008, but he got a $950,000 bonus last year after no bonus in 2008.

-- Associated Press


Danaher shares jump on stronger outlook

Shares of medical equipment maker Danaher jumped a day after the District-based company raised its first-quarter guidance. The stock rose $3.51, or 4.5 percent, to close at $80.88.

Late Monday, the company boosted its first-quarter profit guidance to at least 90 cents per share, up from a prior guidance range of 77 to 82 cents per share. Analysts had expected 83 cents a share.

-- Associated Press

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