Yesterday in Parliament, Economy Minister Silvio Schembri presented a new law regulating social enterprises. This new legal classification, the Minister said, will be used by organisations which operate commercially but not for profit including in the social and cultural fields.
The bill was presented yesterday in parliament and can be read here but the definition of social enterprise remains lacking.
The EU previously described “social enterprise,” as an undertaking, regardless of legal form, which has measurable positive social impact as its primary objective under its statutes, provides goods or services with a social return and/or uses a production method that embodies that objective, uses profits first and foremost for that objective with rules so any distribution does not undermine it, and is managed in an entrepreneurial, accountable and transparent way, involving workers, customers and stakeholders. However, this definition, sourced from the European Union Programme for Employment and Social Innovation (EaSI) is no longer in force.
So far I do not understand the background and what led to the introduction of this bill. The Minister said that the government wants to strengthen the social sector but gave very little details. Hopefully we can provide further details.
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