SB12-182 Summary

• Enacts the "Invest in Colorado Act" authorizing creation of benefit corporations, which must have the purpose of creating general public benefit in addition to normal business purposes

• Requires benefit corporations to have a designated independent benefit director responsible for preparing annual reports assessing the corporation's social and environmental performance against third-party standards

• Establishes standards of conduct for directors and officers of benefit corporations requiring consideration of effects on shareholders, employees, customers, communities, environment, and the corporation's ability to accomplish its public benefit purpose

• Grants shareholders and directors the right to bring derivative benefit enforcement proceedings to ensure the corporation pursues its stated public benefit purposes

• Adds dissenters' rights for shareholders in transactions where a corporation elects, terminates, or changes benefit corporation status, and exempts benefit corporation security offerings from Colorado charitable solicitation requirements if they comply with Colorado securities law