MN SF1572

Establishes a new corporate structure in Minnesota (Chapter 304A) allowing for-profit corporations to incorporate as "public benefit corporations" (PBCs) to pursue one or more modes of public benefit.

Requires PBCs to include "public benefit corporation" or "PBC" in their corporate name and defines "public benefit" as providing public goods and improvements for the general public through for-profit business undertakings.

Modifies the standard of conduct for directors and officers of PBCs to act in the "best interests of the corporation," defined to include advancing long-term public benefit or stakeholder interests, rather than solely shareholder interests.

Mandates that PBC boards provide stakeholder engagement opportunities (such as meetings, websites, or listservs) for non-shareholder stakeholders including employees, customers, creditors, and identified communities of interest.

Requires PBCs to publish annual reports describing their financial condition, efforts to achieve public benefit, and engagement with stakeholder interests; publicly held PBCs must publish these reports concurrently with federal securities filings.