HEA 1015 Summary

• Creates new Article 1.3 in Indiana Code establishing legal framework for "benefit corporations" effective January 1, 2016, allowing businesses to formally pursue general public benefit and specific public benefits alongside profit.

• Requires benefit corporations to have a designated benefit director (independent individual) and optional benefit officer responsible for reporting on the corporation's success in achieving its stated public benefit purposes.

• Directors and officers of benefit corporations must consider effects of their decisions on shareholders, employees, suppliers, customers, communities, and the environment, with liability protections if they comply with this expanded fiduciary duty.

• Mandates annual benefit reports to shareholders assessing the corporation's social and environmental performance against third-party standards, with copies filed to the Secretary of State.

• Amends filing fee structure for corporations by adjusting electronic and non-electronic fees for various documents, including adding a $10 annual benefit report filing fee.