Public-benefit corporations are a specific type of corporation that allow for public benefit to be a charter purpose in addition to the traditional corporate goal of maximizing profit for shareholders.[1][2] Depending on the country they may also be known as crown corporations, statutory corporations, or government owned corporations having monopoly over a specific service or market.[clarification needed].
The Public Utility Vehicle Modernization Program may be given as an example of public benefit, coming from a governmental organization. Secondly, the model of a public utility corporation shall represent an example for the private sector of the economy.
A public authority is a type of public-benefit corporation that takes on a more bureaucratic role, such as the maintenance of public infrastructure, that often has broad powers to regulate or maintain public property.[not verified in body] These agencies are known in some countries as statutory authorities, statutory boards, government owned corporations, regulatory agencies, QUANGO or independent government agencies.
Authorities borrow from both municipal corporation law (that is, the laws responsible for the creation of cities, towns, and other forms of local government) and private corporations law. Other public-benefit corporations resemble private non-profit organizations, and take on roles that private corporations might otherwise perform. These corporations often operate in heavily regulated industries, such as broadcasting and transportation.
Corporations such as these are often found in common law jurisdictions such as the Commonwealth countries and the United States.