Morrison Foerster’s MoFo Impact blog provides insights on the latest news, developments, and trends in the impact and social entrepreneurship space. Through MoFo Impact, Morrison Foerster attorneys dedicated to impact investing and social enterprise work offer a real-time assessment of the developments in matters that are shaping the industry. Here, we examine the unique challenges faced by social enterprises and impact investors, including issues related to impact investments, disclosure requirements, hybrid corporate forms, fiduciary duties, and beyond.<h2>ABOUT MORRISON FOERSTER</h2>Morrison Foerster is a leading global law firm that transforms complexity into advantage for its clients. Our clients include some of the largest financial institutions, banks, consulting and accounting firms, and Fortune 100, technology, and life sciences companies. Highlighting the firm’s commitment to client service, leadership in market-changing deals and impact litigation, and values-based culture, Morrison Foerster has been repeatedly recognized as one of the top 10 firms on The American Lawyer’s A-List. Year after year, the firm receives significant recognition from Chambers and The Legal 500 across their various guides, including Global, USA, Asia‑Pacific, Europe, UK, Latin America, and FinTech Legal. Our lawyers passionately care about delivering legal excellence while living our values. Morrison Foerster has a long-standing commitment to creating a culture that respects and celebrates differences, while providing an inclusive environment. The firm has achieved Mansfield Certification Plus since 2018 as a result of successfully reaching at least 30 percent women, communities of color, and LGBTQ+ lawyer representation in a notable number of current leadership roles and committees. The firm also has a long history of commitment to the community and society through providing pro bono legal services, including litigating for civil rights and civil liberties, improving public education and fostering the wellbeing of children, advocating for veterans, promoting international human rights, enforcing the right to asylum, and safeguarding the environment.

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Susan (“Suz”) co-chairs the ESG + Sustainability and Social Enterprise + Impact Investing practices. Her practice focuses on late-stage financings, secondaries, and other corporate transactions for investors, such as SoftBank and Temasek, and on investments for some of the top investors dedicated to impact, from “impact first” foundations to family offices to private equity funds. She co-led the drafting group for the first of the new corporate forms (the Social Purpose Corporation in California), has created hybrid/tandem corporate structures and crafted debt and equity instruments that blend impact with traditional financial terms, and has used corporate law to develop creative capital market solutions to pressing environmental problems. She also advises the boards of public and private companies on corporate governance and fiduciary duties as applied to sustainability and climate change.She was named a California Lawyer Attorney of the Year (CLAY) in 2012 and 2016 by Daily Journal and the Most Innovative Lawyer in North America in 2015 by the Financial Times.Leading Business AdvisorA powerhouse negotiator, clients note that “you cannot get a better corporate counsel” and that Suz “understands the big picture, could not be more responsive, and understands the business” (The Legal 500 US). She has extensive experience providing corporate and finance advice to companies and investors in connection with growth equity financings and secondaries, with particular experience in late-stage investments that have come to rival traditional strategic acquisitions in size and significance. Her experience includes leading some of the highest-profile late-stage investments over the past few years, including notable transactions for SoftBank Group (in the two largest private tender offers in history) in its $7.7 billion investment in Uber, $4.4 billion investment in WeWork, further $10 billion investment in WeWork, $1 billion investment in SoFi, and $250 million investment in Kabbage. She has also advised Temasek on its $800 million investment in Verily Life Sciences, Intel on its equity investment in Cloudera, and each of Fortress, TPG Rise, Vision Ridge Partners, Generation Investment Management, and Pontifax AgTech in numerous mid- to late-stage investments in clean technology, sustainability, education, food, and agriculture technology.Social Enterprise and Impact InvestingSuz is the go-to legal resource for social enterprises (for-profit and non-profit companies focused on social or environmental purpose), impact investors (investors interested in social or environmental returns), and mainstream companies developing environmental, social, and corporate governance policies. With deep expertise in the impact investing model, institutional investors exploring the space turn to her for creative solutions and her ability to structure both investments and companies to emphasize impact and returns.She represents a wide range of investors who are focused on impact, from foundations like the Gates Foundation, The Nature Conservancy, and The Rockefeller Foundation, to family offices like Armonia, Cornerstone Capital, Emerson Collective, New Island Capital, and Omidyar Network, to private equity funds like Goldman Sachs, TPG Rise, Vision Ridge Partners, and Generation Investment Management, in their equity investments in companies and projects that are focused on generating impact and returns for investors. She has deep experience and expertise ensuring energy, sustainability, and other investments have positive impact through the use of new corporate forms, hybrid or “tandem” structures with non-profits and for-profits, and alternative debt and equity instruments.Notable work in this space includes the establishment of a tandem structure, The Carbon Endowment, to retire coal assets at scale while securing a revenue stream for community reinvestment and job training in coal communities. Suz also advised on the structuring of Common Sense Growth as an extension of the non-profit Common Sense Media (to invest in companies that address issues related to children, education, and technology), the establishment of a fund for TPG Rise to provide debt financing to Echoing Green fellows, the spin-out of PRX from Public Radio International (to generate new revenue flows up to the non-profit), the establishment of a for-profit joint venture with non-profit Medicines360 (to allow the non-profit to distribute its healthcare products to women in the developing world), and the structuring of a for-profit evergreen fund that allows The Nature Conservancy to aggregate return-seeking and donor capital in order to invest in preserving our natural resources. She has also advised numerous clients on converting to a public benefit corporation or social purpose corporation model (which requires balancing traditional fiduciary duties against a social or environmental purpose), including This American Life, Revolution Foods, Rise Labs, and Beneficial State Bancorp.Suz also regularly advises boards of directors of private and public companies, special committees, and CEOs on corporate governance, particularly the intersection of fiduciary duties with sustainability, and focuses on environmental, social, and governance issues.Unmatched Cleantech and Renewable Energy ExperienceIn addition to founding and chairing the firm’s Social Enterprise and Impact Investing Group, Suz serves as Chair of Morrison & Foerster’s Energy Group and has extensive experience representing start-up to late stage private companies in the clean technology or sustainability space. She provides corporate and finance advice in connection with equity and debt financings, mergers, acquisitions, asset purchases and sales, reorganizations, and joint ventures. She has experience working with renewable energy start-up companies and renewable energy developers in the solar, wind, and biofuels industries. Suz has assisted renewable energy start up companies with raising venture capital and has advised renewable energy developers on project acquisitions.Suz’s representative renewable energy, cleantech, sustainable, and social enterprise clients include Anaergia, Change.org, EDF Renewables, E.ON, Etsy, First Look, OneSun, Planet Labs, Rising Sun Energy, RSF Social Finance, SustainBio, Trelys, Inc., Wikipedia, and Xpansiv.Board Activity and Thought LeadershipMs. Mac Cormac was a founding board member of the Sustainability Accounting Standards Board (SASB), is a member of the board of directors of Business for Social Responsibility (BSR), the Ceres President’s Council, and the Earth Genome Project, and is an advising board member of the Committee Encouraging Corporate Philanthropy’s Strategic Investor Initiative.She has joined the faculty (teaching on the intersection of sustainability and fiduciary duties) at both the Stanford Director’s College and the Northwestern Corporate Counsel Institute and is an adjunct professor at UC Berkeley School of Law, teaching a course on Social Enterprise.

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Susan (“Suz”) co-chairs the ESG + Sustainability and Social Enterprise + Impact Investing practices. Her work focuses on advising innovative sustainable companies and investors, with particular expertise on ensuring investments have positive impact through use of new corporate forms, hybrids, alternative debt and equity instruments and disclosure.

Susan (“Suz”) co-chairs the Environmental, Social, and Governance (ESG) and Social Enterprise + Impact Investing practices. Her work focuses on advising innovative sustainable companies and investors, with particular expertise on ensuring investments have positive impact through use of new corporate forms, hybrids, alternative debt and equity instruments and disclosure.

<h5 dir="ltr">As Chair of the firm’s Social Enterprise + Impact Investing and Energy + CleanTech practice groups, I find it uniquely fulfilling to help emerging companies and their investors channel great ideas and good intentions into tangible, positive change.</h5>How I Help: I have extensive experience representing startup to late-stage private companies primarily in the clean technology, renewable energy and sustainability space. I counsel on corporate and finance matters in connection with equity and debt financings, mergers, acquisitions, asset purchases and sales, reorganizations, and joint ventures. I’m frequently called upon for my expertise in new corporate forms, hybrid of “tandem” structures with non-profits and for-profits, and alternative debt and equity instruments. I also regularly advise boards of private and public companies, special committees, and CEOs on corporate governance as it relates to sustainability and CSR.Favorite app or tech product: Strava. I love tracking the miles I run each week.Favorite place for client meetings: A walk in the PresidioLife beyond the law: When I’m not preaching to the world about the power of corporate form, I spend my time outside the office with my three young sons. I currently coach my youngest’s little league team. Go Pirates!

Susan Mac Cormac

Alfredo Silva is a partner in the Transactions Department, co-chair of the firm's Social Enterprise and Impact Investing Group, and a member of the ESG Strategy Committee. Alfredo represents companies and investors in a broad range of corporate and securities law matters, with a focus on businesses in the life sciences, agtech and fintech sectors. Alfredo’s practice includes capital markets transactions, venture capital, growth equity and corporate venture financings, tender offers and other secondary offerings, digital token matters, and mergers and acquisitions. Alfredo also helps clients leverage environmental, social and governance (ESG) factors to evaluate risk and opportunities and to invest responsibly in businesses seeking sustainable growth and impact.In his private company practice, Alfredo has served as company or investor counsel in early- and late-stage financings, minority strategic investments and impact investments in dozens of private companies, including representation of SoftBank and SoftBank Vision Fund in financings with a combined value of over $2 billion, Temasek in its $800 million minority investment in Verily Life Sciences, an Alphabet company, and Visa Ventures in strategic fintech investments around the world.In his public company practice, Alfredo counsels issuers on strategic transactions, such as the stock-for-stock merger of Marrone Bio Innovations, Inc. with Bioceres Crop Solutions Corp, as well as corporate governance and compliance with the U.S. federal securities laws and stock exchange listing standards, including advising on cutting-edge issues with respect to ESG disclosures and materiality assessments.In addition, Alfredo works extensively with nonprofit organizations, providing advice on fiduciary issues, entity formation, structuring and other corporate matters, and assists small businesses pro bono. He incorporated and continues to advise Illuminate, the nonprofit producer of The Bay Lights, a 25,000 LED sculpture on the western span of the San Francisco-Oakland Bay Bridge, in structuring, corporate governance, and project management matters. Alfredo currently chairs the audit committees of the boards of directors of Eat. Learn. Play. Foundation, a charity founded by four-time NBA champion Stephen Curry and The New York Times bestselling author Ayesha Curry to unleash the potential of every child, and Berkeley Repertory Theatre, an international leader in innovative theater whose shows have won eight Tony Awards, nine Obie Awards and a Pulitzer Prize, among many other honors.Alfredo is recognized by The Recorder as a 2013 Lawyer on the Fast Track, in 2014 was the inaugural recipient of the firm’s Kathi Pugh Award for Pro Bono Service, is a 2017 Lawyers Committee for Legal Diversity Fellow, and was the recipient of the American Bar Association’s 2023 National Public Service Award. Alfredo received his B.S. degree, cum laude with distinction, in Engineering Sciences (Chemical) from Yale College in 2004 and received his J.D. degree from Yale Law School in 2008. Alfredo speaks conversational Spanish and Mandarin Chinese, and spent a year at China’s Tsinghua University researching issues in intellectual property protection on a Fulbright Fellowship.

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Alfredo Silva is co-chair of the firms Social Enterprise + Impact Investing practice and member of the firm’s Pro Bono Committee. He represents public and private companies and investors in a broad range of corporate and securities law matters, as well as nonprofit organizations on entity formation, fiduciary issues, and structuring.

Alfredo B. D. Silva represents public and private technology companies and strategic and financial investors in a broad range of capital markets transactions, early- and late-stage financings, and corporate governance matters in a variety of industries, including Life Sciences, Health Tech, FinTech, and SaaS.

Alfredo Silva is co-chair of the Morrison Foerster Social Enterprise + Impact Investing practice and member of the firm’s Pro Bono Committee. He represents public and private companies and investors in a broad range of corporate and securities law matters, as well as nonprofit organizations on entity formation, fiduciary issues, and structuring.

<h5 dir="ltr">My job is to think creatively and balance competing interests to solve complicated problems, and the end result is that the companies I’m working with are able to raise the capital they need to grow, creating and maintaining jobs for others while bringing great products and services to consumers.</h5>How I help: I represent companies throughout their lifecycles, from entity formation to debt and equity financing to exit alternatives, including initial public offerings and mergers and acquisitions. I also counsel investors in venture financing, late stage / growth equity financing, strategic investments, secondary transactions, and impact investments in private companies in a wide variety of industries. Since I have a background in engineering, I get numbers, and often work closely with executives, finance teams, and financial advisors and analysts to model out complex capital structures, financing scenarios, and liquidity events. In doing so, I help clients analyze what’s possible, understand consequences of various transaction structures, and enhance their economics in deals in value from the tens of millions to the billions of dollars.Favorite app or tech product: I spend a lot of time these days checking Coinbase, seeing how the market reacts to developments in the cryptocurrency and blockchain spaces.Favorite place for client meetings: It’s great when you’re close enough with a client to catch up and talk shop at their house!Life beyond the law: Skiing at Lake Tahoe in the winter, weekends in Dolores Park in the summer, and travel to see family and friends in between.

Alfredo B. D. Silva

Benjamin Fox is a partner in the firm’s San Francisco office and a member of the firm’s Social Enterprise and Impact Investing Group. Benjamin’s practice focuses on the representation of clients in corporate and transactional matters, with a focus on investors and companies dedicated to pursuing social or environmental goals alongside financial returns.Benjamin counsels startup to late-stage private companies and venture capital and private equity investors, as well as family offices, private foundations, and public charities in early-stage and late-stage financings, mergers, acquisitions, asset purchases and sales, joint ventures, and hybrid or “tandem” structuring arrangements between nonprofit and for-profit entities. Benjamin has extensive experience working with investors and companies in the climate technology and infrastructure and sustainability space. He regularly advises clients on creative legal structures with respect to aggregating and deploying capital to maximize impact and returns.Benjamin earned his J.D. from the University of California, Berkeley, School of Law (Boalt Hall), with a certificate of specialization in both Environmental Law and Energy and Clean Technology Law. At Boalt, he served as an executive editor of Ecology Law Quarterly, a member of the California Law Review, and a judicial extern for the Honorable Edward M. Chen of the U.S. District Court for the Northern District of California. Benjamin received the Ellis J. Harmon Prize for best legal writing in Environmental Law and Policy and was a NAPABA Law Foundation Scholarship recipient for commitment to serve the Asian Pacific American community.Prior to law school, Benjamin worked for the U.S. Department of Energy in Beijing, China and spent a year at Taiwan’s Tunghai University researching renewable energy and urban development policy on a Fulbright Fellowship. He earned his B.A. with distinction and highest honors from the University of Michigan.

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Benjamin Fox is a partner in the firm’s San Francisco office and a member of the firm’s Social Enterprise and Impact Investing Group. Benjamin’s practice focuses on the representation of clients in corporate and transactional matters, with a focus on investors and companies dedicated to pursuing social or environmental goals alongside financial returns.

Benjamin Fox is an associate in the Morrison Foerster Corporate Department in the San Francisco office. Benjamin is a member of the firm’s Social Enterprise and Impact Investing and Energy and Clean Technology Groups.

<h5 dir="ltr">I feel fortunate to assist companies and investors focused on tackling our most pressing global environmental and social challenges.</h5>How I help: I provide counsel to companies from formation until exit, including in connection with corporate structure and governance, early- and late-stage equity financings, mergers and acquisitions, and joint ventures.  As a member of our Social Enterprise + Impact Investing Group, I frequently advise clients on the legal tools available to promote mission-driven businesses, including attracting non-profit and for-profit capital, and utilizing hybrid non-profit/for-profit structures and new corporate forms.  I also have a particular expertise in the renewable energy sector and work closely with investors, renewable energy developers and cleantech startups on a wide range of corporate matters.Favorite app or tech product: GuitarTuna. It’s pretty good at tuning my guitar.Favorite place for client meetings: At a baseball game. Fenway Park will always be the best, but other stadiums will suffice.Life beyond the law: Enjoying the great outdoors.

Benjamin Fox

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Susan H. Mac Cormac

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Benjamin T.R. Fox

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In this special shelter-in-place edition of “Impactful Conversations” podcast, MoFo fund formation lawyer Sean Byrne interviews Buckhill Capital General Partner Henrik Jones about collaborating with MoFo to create a new investment term, the <a href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt3552ffb72677ac42/62731c4823c6cf2a1c3af72d/grunin-prize-schematic.pdf">Carried Interest by Verified Impact Calculations (CIVIC)</a>. The CIVIC links a fund’s carried interest to quantifiable impact metrics, and thus has the potential to create billions of dollars of incentives for institutional investment managers to pursue impact goals alongside financial returns. This project is a finalist for NYU’s Grunin Prize for Social Entrepreneurship.Listen to the <a href="https://www.mofo.com/resources/video-audio/200527-impactful-conversations-henrik-jones.html">full podcast</a>.

Impactful Conversations: An Interview with Henrik Jones at Buckhill Capital

In this special shelter-in-place edition of “Impactful Conversations” podcast, MoFo fund formation lawyer Sean Byrne interviews Buckhill Capital General Partner

Impactful Conversations: An Interview with Henrik Jones at Buckhill Capital

For the second time in a little over a decade, the United States is facing an economic crisis on a near-unprecedented scale, while simultaneously battling the worst pandemic in over a century. To date, over 80,000 people have died in the United States from COVID-19, and more than 33 million Americans have filed for unemployment benefits since the beginning of the shutdowns across the country. The impact of COVID-19 on the human and economic well-being of Americans and people across the world will undoubtedly leave few, if any, unburdened in its wake.However, the data is revealing that low-income communities and communities of color are disproportionately impacted by infections and fatalities<a href="#_ftn1" name="_ftnref1">[1]</a> and also stand to suffer the most from the economic fallout.<a href="#_ftn2" name="_ftnref2">[2]</a> As recovery efforts progress, it is not only critical that the needs of these communities are brought to the forefront due to the disparate economic impact they are likely to face, but also that alternative forms of support and investment are considered in order to build a more equitable economy.As with prior crises, Americans look to the government and philanthropy for aid to meet their basic needs of survival. However, funding under certain federal programs has already been depleted, and less than 20% of the CARES Act was apportioned for small businesses.<a href="#_ftn3" name="_ftnref3">[3]</a> Additionally, a report by the Center for Responsible Lending estimates that “upwards of 90% of businesses owned by people of color have been, or will likely be, shut out of the Paycheck Protection Program.”<a href="#_ftn4" name="_ftnref4">[4]</a> Nonprofits, while receiving an influx of donations, are stretched thin due to increasing demand for their services on already-limited budgets, and, if 2008 is any indicator, charitable-giving will likely decrease as we enter a recession.<a href="#_ftn5" name="_ftnref5">[5]</a> While the government and philanthropy are the primary sources of relief, it is necessary to ask what role the private sector can and should play, both in the immediate crisis and in the long-term.In August 2019, a group of nearly 200 chief executives from various companies, including several Fortune 500 companies, asked a similar question on the role of corporations. The group issued a statement arguing that the role of corporations should be redefined from solely maximizing shareholder value to also “invest[ing] in their employees, protect[ing] the environment and deal[ing] fairly and ethically with their suppliers.”<a href="#_ftn6" name="_ftnref6">[6]</a> The New York Times noted that until “investors start measuring companies by their social impact instead of their quarterly returns, systemic change may prove elusive.”<a href="#_ftn7" name="_ftnref7">[7]</a>In response to this challenge, some groups focused on impact investing—investments made with the intention to generate positive, measurable social and environmental impact alongside a financial return—are pioneering an innovative approach called restorative investing. Restorative investing, based in part on the principles of restorative economics, seeks to address systemic injustices that extract from and penalize communities of color, the poor, and the working class by making investments that “generate community wealth, produce governance structures that benefit the whole, and build community power.”<a href="#_ftn8" name="_ftnref8">[8]</a>An example of restorative investing in action is the Boston Impact Initiative (BII), a place‑based impact investment fund that is committed to investing in communities that have been impacted by racial, social, and economic inequality. The Ujima Fund is another Boston-based economic development and community-organizing collective that is co-designed, governed by, and grounded in working-class communities of color. BII, the Ujima Fund, and other restorative investing approaches are building on the following principles developed by the nonprofit, Transform Finance: (i) engaging communities in design, governance, and ownership, (ii) adding more value than you extract, and (iii) fairly balancing risk and return among investors, entrepreneurs, and communities.<a href="#_ftn9" name="_ftnref9">[9]</a>These principles highlight that, while investing capital in underserved communities is important, equity is also about power and that too often impact-investing initiatives fail to include the beneficiaries who may better understand the problem and potential solution.<a href="#_ftn10" name="_ftnref10">[10]</a> As Rodney Foxworth, CEO of Common Future, emphasizes, restorative investing recognizes “the urgent moral, economic, and ecological imperative to share and redirect power and promote collective well-being and social equity,” and such urgency will only be heightened by the current crisis.<a href="#_ftn11" name="_ftnref11">[11]</a>Coming out of the 2008 recession, wealth inequality grew along racial and ethnic lines,<a href="#_ftn12" name="_ftnref12">[12]</a> and, in 2016, wealth inequality between upper-income families and lower and middle-income families reached the highest levels recorded.<a href="#_ftn13" name="_ftnref13">[13]</a> A similar outcome stemming from this financial crisis threatens a potentially untenable environment, which is why some companies and investors are looking to promote a new approach to impact investing. If ever there was a need to strengthen and support our local economies, specifically communities of color, now is the time in order to avoid the recovery disparities of the 2008 recession and to support a more equitable economy.<a href="#_ftnref1" name="_ftn1">[1]</a> <a href="https://time.com/5821212/coronavirus-low-income-communities/">https://time.com/5821212/coronavirus-low-income-communities/</a>.<a href="#_ftnref2" name="_ftn2">[2]</a> <a href="https://www.brookings.edu/blog/the-avenue/2020/04/08/coronavirus-economic-relief-cannot-neglect-black-owned-business/">https://www.brookings.edu/blog/the-avenue/2020/04/08/coronavirus-economic-relief-cannot-neglect-black-owned-business/</a>.<a href="#_ftnref3" name="_ftn3">[3]</a> <a href="https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-package">https://www.npr.org/2020/03/26/821457551/whats-inside-the-senate-s-2-trillion-coronavirus-aid-package</a>.<a href="#_ftnref4" name="_ftn4">[4]</a> <a href="https://www.cbsnews.com/news/women-minority-business-owners-paycheck-protection-program-loans/">https://www.cbsnews.com/news/women-minority-business-owners-paycheck-protection-program-loans/</a>.<a href="#_ftnref5" name="_ftn5">[5]</a> Rob Reich, Just Giving: Why Philanthropy Is Failing Democracy and How It Can Do Better (Princeton University Press, 2018), 72.<a href="#_ftnref6" name="_ftn6">[6]</a> <a href="https://www.nytimes.com/2019/08/19/business/business-roundtable-ceos-corporations.html">https://www.nytimes.com/2019/08/19/business/business-roundtable-ceos-corporations.html</a>.<a href="#_ftnref7" name="_ftn7">[7]</a> Id.<a href="#_ftnref8" name="_ftn8">[8]</a> <a href="https://www.nwamakaagbo.com/restorative-economics">https://www.nwamakaagbo.com/restorative-economics</a>.<a href="#_ftnref9" name="_ftn9">[9]</a> Morgan Simon, Real Impact: The New Economics of Social Change (Bold Type Books, 2017), 98.<a href="#_ftnref10" name="_ftn10">[10]</a> Anand Giridharadas, Winners Take All: The Elite Charade of Changing the World (Dell, 2018), 151–152.<a href="#_ftnref11" name="_ftn11">[11]</a> <a href="https://missioninvestors.org/resources/impact-investing-can-fight-racism-and-wealth-gaps-if-conducted-new-ways">https://missioninvestors.org/resources/impact-investing-can-fight-racism-and-wealth-gaps-if-conducted-new-ways</a>.<a href="#_ftnref12" name="_ftn12">[12]</a> <a href="https://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession/">https://www.pewresearch.org/fact-tank/2014/12/12/racial-wealth-gaps-great-recession/</a>.<a href="#_ftnref13" name="_ftn13">[13]</a> <a href="https://www.pewresearch.org/fact-tank/2017/11/01/how-wealth-inequality-has-changed-in-the-u-s-since-the-great-recession-by-race-ethnicity-and-income/">https://www.pewresearch.org/fact-tank/2017/11/01/how-wealth-inequality-has-changed-in-the-u-s-since-the-great-recession-by-race-ethnicity-and-income/</a>.

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Associate

Michael Santos is an associate in the San Francisco office of Morrison Foerster and a member of the firm’s Transactions Department. Michael is a member of the firm’s Social Enterprise and Impact Investing Group.

Michael P. Santos

Michael Santos

Restorative Investing: How the Impact Investing Model Could Be Used to Support Vulnerable Communities in the Time of COVID-19

For the second time in a little over a decade, the United States is facing an economic crisis on a near-unprecedented scale, while simultaneously battling the w

Restorative Investing: How the Impact Investing Model Could Be Used to Support Vulnerable Communities in the Time of COVID-19

Suz Mac Cormac spoke to the Daily Journal for an article featuring the Bay Area Small/Social Enterprise Task Force (BASE Force), which is a group led by Morrison & Foerster with other legal, financial, and nonprofit professionals who are guiding small businesses through emergency resources. The task force is focused on collecting local, state, federal, and private/nonprofit resources for Bay Area small businesses impacted by COVID-19 and disseminating this information in a digestible way as quickly as possible.“The current estimate is 30% of the small businesses in the Bay Area will not be there by this summer if we don’t help them,” said Suz, who is chair of the firm’s Social Enterprise + Impact Investing Group and is leading the firm’s efforts on the task force. She added that with BASE Force, “We want to give the same level of advice we are giving to the large, well-funded venture and private equity backed companies.”The task force is looking for more attorneys and law firms to provide support. The need, Suz said, is staggering."I don't know how to explain this to people if you don't see it -- it is as big as climate change," she said of the number of struggling business owners in the Bay Area. "We have to get the word out because it's going to be real. It's going to be awful."

Susan (Suz) Mac Cormac, San Francisco partner, has extensive experience in corporate law, ESG, social enterprise and impact investing, and venture capital.

Susan H. Mac Cormac | Corporate + ESG Attorney

Lawyers Helping Small Businesses Navigating CARES Act Funding Requirements

Suz Mac Cormac and Kaela Colwell spoke to the Daily Journal for an article featuring the Bay Area Small/Social Enterprise Task Force (BASE Force), which is a gr

Lawyers Helping Small Businesses Navigating CARES Act Funding Requirements

The Recorder has named Susan “Suz” Mac Cormac to its list of Women Leaders in Tech Law. The award celebrates lawyers who tackle the tech industry’s biggest courtroom clashes, help build its most innovative companies, and negotiate deals that move markets.As highlighted by The Recorder, Suz continues to represent investors in complex cross-border transactions. She is not only a powerhouse corporate attorney representing clients like SoftBank and Temasek in large transactions; she is also the go-to legal resource for social enterprises (for-profit and nonprofit companies focused on social or environmental purposes), impact investors (investors interested in social or environmental returns), and mainstream companies developing environmental, social, and corporate governance policies.In an interview with The Recorder, Suz speaks about her proudest professional and personal achievements over the past year, as well as what it means to be a woman in the tech law space. You can find the article within the publication’s <a href="https://www.law.com/therecorder/2019/11/04/women-leaders-in-tech-law-susan-suz-mac-cormac-morrison-foerster/" target="_blank" rel="noopener noreferrer">Women Leaders in Tech Law</a> series.

Suz Mac Cormac Recognized as a Woman Leader in Tech Law

The Recorder has named Susan “Suz” Mac Cormac to its list of Women Leaders in Tech Law. The award celebrates lawyers who tackle the tech industry’s biggest cour

Suz Mac Cormac Recognized as a Woman Leader in Tech Law

<ul><li>Significant commitments, partnerships, and new research projects worth trillions were announced during <a href="https://www.greenbiz.com/article/climate-week-2019-huge-commitments-big-money-and-collaboration" target="_blank" rel="noopener noreferrer">Climate Week 2019</a>.</li><li>The United Nations Global Compact and Accenture released findings from their <a href="https://www.accenture.com/us-en/insights/strategy/ungcceostudy?c=acn_glb_purposemediarelations_11036293&n=mrl_0919" target="_blank" rel="noopener noreferrer">CEO study on sustainability</a>, which draws on insights from more than 1,000 CEOs.</li><li>Caltech announced a <a href="https://www.wsj.com/articles/caltech-gets-750m-pledge-for-sustainability-climate-research-11569509701" target="_blank" rel="noopener noreferrer">$750 million donation</a> aimed at scaling research on environmental sustainability and climate research.</li><li>A new study by Invesco reveals that socially responsible investing is catching on among <a href="https://www.reuters.com/article/us-swf-markets-environment/socially-responsible-investing-catching-on-among-sovereign-funds-study-idUSKBN1WF1DJ" target="_blank" rel="noopener noreferrer">sovereign investors</a>.</li><li>LeapFrog Investments became the first impact investor to globally announce the results of an independent audit against the Operating Principles for Impact Management.</li><li>As alternative proteins gain momentum, <a href="https://www.forbes.com/sites/lanabandoim/2019/09/27/vegan-tuna-provides-an-ocean-sustainability-solution/#6ddaf2c88334" target="_blank" rel="noopener noreferrer">TUNO</a>, a plant-based alternative to tuna, seeks to disrupt the $120 billion seafood industry with a sustainable solution.</li><li>Several leading Japanese brands battle <a href="https://asia.nikkei.com/Spotlight/Environment/Japan-battles-food-waste-in-production-with-AI-and-weather-data">food waste</a> in production using artificial intelligence and weather data.</li><li>The booming resale business could lead the future of <a href="https://www.refinery29.com/en-us/2019/09/8356152/resale-sustainable-market" target="_blank" rel="noopener noreferrer">sustainable fashion</a>.</li></ul>

Impact Links: Climate Week 2019 Announcements; UN Global Compact and Accenture Releases CEO Study on Sustainability; Caltech $750 Million Donation to Environmental Research; Invesco Study on Socially Responsible Investing; LeapFrog Reveals Independent Audit Results; Alternative Proteins Seek to Disrupt Seafood Industry; AI and Weather Data Are Helping Brands Battle Food Waste; The Future of Sustainable Fashion

Impact Links: Climate Week 2019 Announcements; UN Global Compact and Accenture Releases CEO Study on Sustainability; Caltech $750 Million Donation to Environmental Research; Invesco Study on Socially Responsible Investing; LeapFrog Reveals Independe

Significant commitments, partnerships, and new research projects worth trillions were announced during Climate Week 2019. The United Nations Global Compact and 

Impact Links: Climate Week 2019 Announcements; UN Global Compact and Accenture Releases CEO Study on Sustainability; Caltech $750 Million Donation to Environmental Research; Invesco Study on Socially Responsible Investing; LeapFrog Reveals Independe

The MoFo Impact team recently published two articles in the Daily Journal on legal forms for social enterprises. The first article, “<a rel="noopener noreferrer" target="_self" href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blt4a6826508cbc83c0/6273ef265f7b601eaaebeabf/190720-corporate-structure-for-impact.pdf" dir="ltr">Leveraging Corporate Structure for Impact</a>,” summarizes the different forms that entrepreneurs and investors alike should consider to help save our planet and improve the lives of the people on it. In “<a rel="noopener noreferrer" target="_self" href="https://media2.mofo.com/v3/assets/blt5775cc69c999c255/blted48979b91062134/6273ef2723c6cf2a1c3b0e54/190815-your-social-enterprises-legal-form.pdf">10 Considerations for Your Social Enterprise’s Legal Form</a>,” we explain how to find the right organizational structure for a social enterprise to maximize its business opportunities and impact goals.

MoFo Impact Publishes Guides on Social Enterprise Corporate Form

The MoFo Impact team recently published two articles in the Daily Journal on legal forms for social enterprises. The first article, “Leveraging Corporate Struct

MoFo Impact Publishes Guides on Social Enterprise Corporate Form

<ul><li>As food waste becomes a major global problem, <a rel="noopener noreferrer" target="_blank" href="https://www.nytimes.com/2019/09/08/business/food-waste-climate-change.html">grocery stores now offer “happy hours</a>” as a solution.</li><li><a rel="noopener noreferrer" target="_blank" href="https://www.dezeen.com/2019/09/04/lena-pripp-kovac-ikea-circular-interview/">IKEA’s sustainability chief</a> describes the company’s progress in becoming a circular business by 2030.</li><li>The World Bank explains how data and artificial intelligence will change the education landscape.</li><li>Clean energy has reached a <a rel="noopener noreferrer" target="_blank" href="https://www.fastcompany.com/90402331/its-now-cheaper-to-build-new-renewables-than-it-is-to-build-natural-gas-plants">tipping point</a>: it’s cheaper to build new renewables than it is to build natural gas plants.</li><li>How did San Francisco turn its waste problem into a <a rel="noopener noreferrer" target="_blank" href="https://www.fastcompany.com/90402736/how-san-francisco-turned-its-waste-problem-into-a-climate-solution">climate solution</a>?</li><li><a rel="noopener noreferrer" target="_blank" href="http://www.ethicalcorp.com/how-shells-offsetting-move-could-help-unlock-flood-finance-forests">Shell</a> is playing a big role in increasing global demand for forest offsets, investing $300 million in natural ecosystem projects.</li><li>The world’s largest responsible investor group is mounting a campaign to <a rel="noopener noreferrer" target="_blank" href="https://www.marketwatch.com/story/sustainable-investor-group-representing-90-trillion-mobilizes-against-amazon-fires-2019-09-11">end the man-made fires</a> in the Amazon rainforest.</li><li>Sonoma County might be the most <a rel="noopener noreferrer" target="_blank" href="https://www.sfchronicle.com/wine/article/Nearly-all-Sonoma-County-vineyards-are-certified-14432738.php">sustainable wine region in the world</a> and the region will pilot a new climate adaptation program in 2020.</li></ul>

Impact Links: Grocery Store “Happy Hours”; IKEA’s Progress in Becoming a Circular Business; The World Bank on AI in Education; The Tipping Point of Clean Energy; San Francisco’s Waste Problem Turned into Climate Solution; Shell’s Investment in Natural Ecosystem Projects; Investor Group Campaign for the Amazon; Sustainable Wine in Sonoma County

Impact Links: Grocery Store “Happy Hours”; IKEA’s Progress in Becoming a Circular Business; The World Bank on AI in Education; The Tipping Point of Clean Energy; San Francisco’s Waste Problem Turned into Climate Solution; Shell’s Investment in Natur


As food waste becomes a major global problem, grocery stores now offer “happy hours” as a solution.
IKEA’s sustainability chief describes the company’s progres

Impact Links: Grocery Store “Happy Hours”; IKEA’s Progress in Becoming a Circular Business; The World Bank on AI in Education; The Tipping Point of Clean Energy; San Francisco’s Waste Problem Turned into Climate Solution; Shell’s Investment in Natur

<ul><li>Insurance companies in California are <a href="https://www.rollingstone.com/politics/politics-news/insurance-companies-bailing-on-california-because-of-wildfire-risk-874579/" target="_blank" rel="noopener noreferrer">choosing not to renew homeowners’ policies</a> because of wildfire risk.</li><li>The KKR Global Impact Fund received a <a href="https://www.barrons.com/articles/ubs-invests-225m-in-kkr-global-impact-01567609886" target="_blank" rel="noopener noreferrer">$225 million investment from UBS</a>.</li><li>A <a href="https://www.wri.org/publication/reducing-food-loss-and-waste-setting-global-action-agenda">new report</a> by the World Resources Institute lays out a global action agenda to solve the world’s food loss and waste problem.</li><li>A Harvard professor explains how the Amazon fires could <a href="https://news.harvard.edu/gazette/story/2019/08/harvard-biologist-discusses-the-environmental-impact-of-the-amazon-fires/" target="_blank" rel="noopener noreferrer">speed climate change</a>.</li><li><a href="https://cen.acs.org/people/profiles/3Ms-chief-sustainability-officer-Gayle-Schueller/97/i33" target="_blank" rel="noopener noreferrer">3M’s chief sustainability officer</a> reveals how the company has integrated recycling and waste prevention into the production of its products.</li><li>Bill Gates explains why he’s backing companies that <a href="https://www.fastcompany.com/90396842/bill-gates-explains-why-hes-backing-companies-that-change-how-we-build" target="_blank" rel="noopener noreferrer">change how we produce materials</a>.</li><li>Nonprofit Conservation International launched a <a href="https://www.fastcompany.com/90396749/this-environmental-nonprofit-just-started-a-venture-fund-to-put-200-million-into-conservation-businesses" target="_blank" rel="noopener noreferrer">$200 million investment fund</a> focused on businesses and people growing economies while conserving natural areas.</li><li>Accion Venture Lab, the seed-stage investment arm of nonprofit Accion, raised $23 million for a new <a href="https://techcrunch.com/2019/09/03/accion-venture-lab-launches-23m-inclusive-fintech-startup-fund/" target="_blank" rel="noopener noreferrer">inclusive fintech startup fund</a>.</li><li>Antoni Ballabriga, BBVA’s Global Head of Responsible Business and Co-Chair of the Global Steering Committee for the United Nations Environment Programme Finance Initiative explains the <a href="https://www.bbva.com/en/younger-generations-are-already-demanding-solutions/" target="_blank" rel="noopener noreferrer">need for sustainable finance</a>.</li></ul>

Impact Links: Homeowners Insurance Affected by Wildfire Risk; KKR Global Impact Fund New Investment; World Resources Institute Agenda to Solve Food Loss; Amazon Fires Speeding Up Climate Change; 3M’s Increasing Commitment to Recycling; Bill Gates on Why He is Backing Manufacturing Companies; Nonprofit Conservation International Launches $200M Investment Fund; Accion Venture Lab Raising for Inclusive Fintech Startup Fund; Antoni Ballabriga Explains the Need for Sustainable Finance

Impact Links: Homeowners Insurance Affected by Wildfire Risk; KKR Global Impact Fund New Investment; World Resources Institute Agenda to Solve Food Loss; Amazon Fires Speeding Up Climate Change; 3M’s Increasing Commitment to Recycling; Bill Gates on

Insurance companies in California are choosing not to renew homeowners’ policies because of wildfire risk. The KKR Global Impact Fund received a $225 million in

Impact Links: Homeowners Insurance Affected by Wildfire Risk; KKR Global Impact Fund New Investment; World Resources Institute Agenda to Solve Food Loss; Amazon Fires Speeding Up Climate Change; 3M’s Increasing Commitment to Recycling; Bill Gates on

<ul><li>Fortune released its 2019 <a href="https://fortune.com/change-the-world/2019" target="_blank" rel="noopener noreferrer">Change the World</a> list of 52 companies using their business to help the planet.</li><li>Apollo Global Management jumps into impact investing with a <a style="font-size: 1rem;" href="https://www.bloomberg.com/news/articles/2019-08-16/apollo-jumps-into-impact-investing-with-plan-to-raise-1-billion" target="_blank" rel="noopener noreferrer">$1 billion debut social impact fund</a>.</li><li>In his latest Forbes piece, Bob Eccles discusses the importance of the transportation sector to the sustainable development goals.</li><li><a style="font-size: 1rem;" href="https://www.ft.com/content/7c40cdfc-b528-11e9-bec9-fdcab53d6959" target="_blank" rel="noopener noreferrer">Artificial intelligence technology</a> and data scientists are helping investors pursue sustainable investment strategies. </li><li>Japan is considering a pledge of $8.6 billion to the United Nations Sustainable Development Goals, with a focus on disaster reduction, health care, and education.</li><li>How did Portugal become the epicenter of <a style="font-size: 1rem;" href="https://fortune.com/longform/portugal-wine-industry-sustainability" target="_blank" rel="noopener noreferrer">sustainability for the wine industry</a>? Learn about the Porto Protocol, a commitment to action by members of the wine industry.</li><li>The <a style="font-size: 1rem;" href="https://www.cnbc.com/2019/08/19/the-worlds-largest-all-electric-ferry-completes-maiden-voyage.html" target="_blank" rel="noopener noreferrer">world’s largest all-electric</a> ferry completed its maiden voyage and is expected to be fully operational by September.</li></ul>

Impact Links: Fortune 2019 Change the World List; Apollo Global Management Debut Social Impact Fund; The Transportation Sector in Sustainable Development Goals; AI in Sustainable Investment; Japan’s Pledge to UNSDG; Portugal’s Sustainable Wine Industry; World’s Largest All-Electric Ferry Completed Maiden Voyage

Impact Links: Fortune 2019 Change the World List; Apollo Global Management Debut Social Impact Fund; The Transportation Sector in Sustainable Development Goals; AI in Sustainable Investment; Japan’s Pledge to UNSDG; Portugal’s Sustainable Wine Indus

Fortune released its 2019 Change the World list of 52 companies using their business to help the planet. Apollo Global Management jumps into impact investing wi

Impact Links: Fortune 2019 Change the World List; Apollo Global Management Debut Social Impact Fund; The Transportation Sector in Sustainable Development Goals; AI in Sustainable Investment; Japan’s Pledge to UNSDG; Portugal’s Sustainable Wine Indus

<ul><li>How can you tell if your investment is really responsible? The Washington Post provides an overview of ESG ratings.</li><li>Procter & Gamble’s chief sustainability officer explains how she is making sustainability “irresistible” in a new piece in Forbes.</li><li>A <a href="https://news.stanford.edu/2019/08/12/race-influences-professional-investors-judgments/">new study</a> led by a Stanford psychologist and Illumen Capital found that venture capital funds led by people of color face more bias the better they perform.</li><li>The city of Helsinki launched Think Sustainably, the world’s first app enabling residents and visitors to make informed daily choices and rate restaurants, attractions, shops, and accommodations using bespoke sustainability criteria.</li><li>Is this warehouse in the Netherlands the world’s <a href="https://www.bbc.com/news/science-environment-49130995">most sustainable industrial building</a>?</li><li>Seven things to know about the Intergovernmental Panel on Climate Change’s <a href="https://sustainablebrands.com/read/defining-the-next-economy/7-things-to-know-about-the-ipcc-s-special-report-on-climate-change-and-land">new report</a> on climate change and land.</li><li>Climate risk mitigation is changing the corporate world, presenting both <a href="https://www.bizjournals.com/bizjournals/how-to/growth-strategies/2019/08/climate-change-as-viewed-from-the-suite-mitigation.html">risk and opportunity</a>.</li></ul>

Impact Links: ESG Ratings; P&G Interviews; Stanford Study Shows Racial Bias in VC; Helsinki Sustainability App; World’s Most Sustainable Industrial Building; IPCC Climate Change Report; Climate Change and the Corporate World

How can you tell if your investment is really responsible? The Washington Post provides an overview of ESG ratings. Procter & Gamble’s chief sustainability offi

Impact Links: ESG Ratings; P&G Interviews; Stanford Study Shows Racial Bias in VC; Helsinki Sustainability App; World’s Most Sustainable Industrial Building; IPCC Climate Change Report; Climate Change and the Corporate World