Social enterprise

An undertaking, irrespective of its legal form, which is not listed on a regulated market within the meaning of point (14) of Article 4(1) of Directive 2004/39/EC, and which: 1) in accordance with its articles of association, statutes or any other statutory document establishing the business, has as its primary objective the achievement of measurable, positive social impacts rather than generating profit for its owners, members and stakeholders, where the undertaking: a) provides innovative services or goods which generate a social return and/or b) employs an innovative method of production of goods or services and that method of production embodies its social objective; 2) reinvests its profits first and foremost to achieve its primary objective and has in place predefined procedures and rules for any circumstances in which profits are distributed to shareholders and owners, in order to ensure that any distribution of profits does not undermine the primary objective; 3) is managed in an entrepreneurial, accountable and transparent way, in particular by involving workers, customers and/or stakeholders affected by its business activities.