ID S1076

Establishes Idaho Benefit Corporation Act as Chapter 20 of Title 30, allowing business corporations to elect benefit corporation status by amending articles of incorporation with approval by two-thirds minimum status vote.

Benefit corporations must pursue general public benefit (material positive impact on society and environment assessed under third-party standards) and may pursue specific public benefits such as environmental protection, economic opportunity, or human health improvement.

Publicly traded benefit corporations must have a benefit director (independent individual) who prepares annual opinions on compliance with benefit purposes; other benefit corporations may designate one; benefit officer position is optional.

Directors and officers must consider effects on shareholders, employees, suppliers, customers, communities, environment, and long-term interests when discharging duties; directors have liability protection except for self-dealing, willful misconduct, or knowing law violations.

Benefit corporations must prepare annual benefit reports assessing social and environmental performance under third-party standards, filed with secretary of state within 120 days of fiscal year end and posted on website; only shareholders and limited qualifying persons (2%+ shareholders, directors, 5%+ parent company shareholders) may bring enforcement actions.