MS HB703

Creates the "Mississippi Benefit Corporation Act" allowing businesses to incorporate as benefit corporations that must pursue general public benefit (positive impact on society and environment) in addition to traditional corporate purposes

Requires two-thirds shareholder approval for a business to become or cease being a benefit corporation, and mandates that articles of incorporation state the corporation is a benefit corporation

Directors must consider effects on shareholders, employees, customers, community, environment, and the corporation's long-term interests when making decisions, but are protected from personal liability for failing to pursue public benefit

Authorizes optional designation of a benefit director (must be independent) and benefit officer to oversee and report on the corporation's public benefit activities

Requires annual benefit reports assessing social and environmental performance against third-party standards, to be sent to shareholders within 120 days of fiscal year end and filed with the Secretary of State for a $25 fee