MI SB0667

Establishes "benefit corporations" as a new type of domestic corporation that pursues general public benefit (material positive impact on society and environment) measured by third-party standards, in addition to shareholder profit.

Allows benefit corporations to be formed under the Business Corporation Act and permits existing corporations to convert to benefit corporation status through amendment of articles of incorporation approved by a supermajority shareholder vote (two-thirds of each class).

Expands duties of benefit corporation directors and officers to consider effects of corporate actions on shareholders, employees, customers, communities, environment, and the corporation's ability to achieve its public benefit purposes, without requiring prioritization of any single stakeholder group.

Limits enforcement of benefit corporation duties and public benefit purposes to "benefit enforcement proceedings" that may be brought directly by the corporation or derivatively by shareholders owning 2% of outstanding shares, directors, or persons owning 5% of parent company voting power.

Permits benefit corporations to use "benefit corporation," "benefit company," or "B.C." in their corporate name instead of traditional corporate designations, and prohibits conversion of benefit corporations into other business organizations.