Bill > SB0666

This bill amends the Michigan Business Corporation Act to establish requirements for benefit corporations, a type of corporation that has a general public benefit purpose in addition to its business purpose. The key provisions of the bill include: 1. Requiring benefit corporations to file an annual benefit report with the state administrator, which must include a narrative description of how the corporation pursued and created public benefit, the process for selecting a third-party standard to assess its social and environmental performance, the compensation paid to directors, and any connections between the corporation and the organization that developed the third-party standard. 2. Allowing benefit corporations to distribute the annual benefit report to shareholders electronically and to post it on their website, while requiring them to provide a written copy to shareholders or individuals upon request. 3. Requiring the annual benefit report to be filed with the state administrator alongside the corporation's regular annual report, though allowing certain financial and proprietary information to be omitted. The bill also specifies that it will only take effect if a related bill, Senate Bill No. 667, is also enacted into law.

Budget and Finance, Government Affairs

http://legislature.mi.gov/doc.aspx?2023-SB-0666