IL SB2897

Establishes the Benefit Corporation Act, allowing Illinois corporations to elect status as benefit corporations that must pursue general public benefit and any identified specific public benefits in addition to shareholder interests.

Requires benefit corporations to have a benefit director (who must be independent) and optional benefit officer, with the benefit director providing annual opinions on whether the corporation achieved its public benefit purposes and whether directors/officers complied with required standards of conduct.

Mandates annual benefit reports assessed against third-party standards covering the corporation's pursuit of public benefits, social and environmental performance, director compensation, major shareholders, and any obstacles to achieving stated purposes.

Grants standing to bring benefit enforcement proceedings to shareholders, directors, and persons owning 5% or more of parent company equity, but prohibits monetary damages against the corporation for failure to achieve public benefits.

Protects directors and officers from personal liability for actions taken in compliance with the Act's standards of conduct and exempts them from liability for the corporation's failure to pursue or create public benefits.