AL SB569

Authorizes formation of benefit corporations in Alabama as a new business structure designed to create general public benefit and optional specific public benefits alongside traditional corporate purposes.

Requires benefit corporations to have a benefit director (who must be independent) and permits a benefit officer; both must consider effects on shareholders, employees, customers, communities, environment, and long-term interests when making decisions.

Mandates annual benefit reports to shareholders and the Secretary of State detailing pursuit of public benefits, social and environmental performance measured by third-party standards, director/officer names and compensation, and major shareholders.

Allows existing corporations to become benefit corporations through certificate amendment requiring minimum status vote (two-thirds shareholder approval per class/series), and permits termination of benefit status through similar voting requirement.

Limits enforcement of benefit corporation duties and public benefit purposes to "benefit enforcement proceedings" brought directly by the corporation or derivatively by shareholders, directors, significant equity holders (10%+), or persons specified in articles/bylaws; provides director and officer liability protections except for self-dealing, willful misconduct, or knowing law violations.