Bill > HB6310

This bill amends the Michigan Business Corporation Act to require benefit corporations (a type of for-profit corporation that has a stated public benefit purpose in addition to a profit purpose) to prepare and distribute an annual benefit report. The report must include details on how the corporation pursued and created its general and specific public benefits, any circumstances that hindered benefit creation, the process for selecting the third-party standard used to assess the corporation's social and environmental performance, and the compensation paid to directors. The benefit corporation must distribute the report to shareholders, make it publicly available on its website, and file it with the state administrator. This bill is part of a larger legislative package related to benefit corporations in Michigan.

Government Affairs

http://legislature.mi.gov/doc.aspx?2020-HB-6310