OK SB1121

Creates the Oklahoma Benefit Corporation Act, establishing a new corporate entity type that must pursue "general public benefit" (material positive impact on society and the environment) in addition to traditional business purposes

Requires benefit corporations to include a statement of their status in their certificate of incorporation and mandates a two-thirds shareholder vote to become, terminate status as, or merge involving a benefit corporation

Directors must consider effects on shareholders, employees, customers, community, environment, and the corporation's ability to accomplish its public benefit purpose when making decisions, with no personal liability for failing to prioritize any single factor

Publicly traded benefit corporations must designate an independent "benefit director" who prepares an annual opinion on whether the corporation acted in accordance with its public benefit purpose; all benefit corporations may also designate a "benefit officer"

Requires annual benefit reports sent to shareholders within 120 days of fiscal year end, posted publicly on the corporation's website, and filed with the Secretary of State for a $100 fee, assessing social and environmental performance against a third-party standard