MN HF2499

Creates Minnesota Public Benefit Corporation Act (Chapter 304A) allowing for-profit corporations to pursue public benefit goals alongside profit-seeking activities.

Requires public benefit corporations to include "public benefit corporation" or "PBC" in their corporate name and defines public benefit as providing public goods and improvements for community well-being through for-profit business.

Directors and officers must act in the "best interests of the corporation," which includes considering long-term public benefit and interests of stakeholders (shareholders, employees, customers, creditors, and identified communities).

Mandates public benefit corporations provide stakeholder engagement opportunities such as regular meetings and communication channels for non-shareholder stakeholders to provide advisory input.

Requires annual public benefit reports describing the corporation's financial condition, efforts to achieve public benefit, and how it engages with stakeholder interests; publicly held corporations must publish reports on the same timeline as federal securities filings.