MI HB5711

Requires benefit corporations to prepare and distribute annual benefit reports detailing their pursuit of general public benefit and any specific public benefits stated in their articles of incorporation.

Annual benefit reports must include narrative descriptions of how benefits were pursued, circumstances hindering benefit creation, the third-party standard selection process, overall social and environmental performance assessment, director compensation, names of 5% or more shareholders, and any connections between the standard-setting organization and the corporation.

Benefit corporations must send annual benefit reports to shareholders within 120 days of fiscal year-end or when other annual reports are delivered, and post the most recent report on their website if one exists (may omit director compensation and proprietary information).

Benefit corporations without websites must provide copies of annual benefit reports upon request without charge, with the same option to omit sensitive financial and compensation information.

Effective 90 days after enactment and conditioned on the simultaneous enactment of HB 5710, HB 5712, and HB 5713.