MI SB0359

Adds Chapter 9A to Michigan's Business Corporation Act to establish "benefit corporations" - a new corporate form for businesses pursuing general and specific public benefits alongside profit.

Requires benefit corporations to have a designated independent benefit director who prepares annual opinions on whether the corporation pursued its public benefit purposes and complies with statutory duties.

Permits benefit corporations to designate a benefit officer responsible for managing the corporation's public benefit purposes as defined in bylaws or board resolutions.

Establishes that directors and officers of benefit corporations may consider effects on shareholders, employees, customers, communities, environment, and corporate long-term interests when making decisions, rather than solely maximizing shareholder value.

Requires benefit corporations to prepare and file annual benefit reports assessing their social and environmental performance using third-party standards, with reports sent to shareholders and filed with the state administrator.