MI SB0666

Amends section 911 of the Business Corporation Act to require benefit corporations to file annual benefit reports with the administrator along with their regular annual reports.

Adds section 961 requiring benefit corporations to prepare annual benefit reports that include narratives describing their pursuit of general and specific public benefit purposes, obstacles encountered, and the process for selecting third-party assessment standards.

Requires annual benefit reports to include an assessment of the corporation's overall social and environmental performance using a consistently-applied third-party standard, director compensation disclosures, and statements regarding any connections between the standard-setting organization and the corporation that could affect assessment credibility.

Mandates benefit corporations distribute annual benefit reports to shareholders within 120 days of fiscal year-end or with other annual reports, post reports on company websites if available (with certain omissions permitted), and provide copies on request to those without internet access.

Takes effect 90 days after enactment, contingent on Senate Bill No. 667 of the 102nd Legislature being enacted into law.