SD HB1154

Creates a new corporate structure allowing for-profit corporations to pursue public benefits (artistic, charitable, environmental, educational, etc.) alongside shareholder profits, with two types: general benefit corporations (GBC) impacting society broadly and specific benefit corporations (SBC) targeting particular communities or causes

Requires a two-thirds shareholder vote ("minimum status vote") to become, merge into, or terminate status as a public benefit corporation, with dissenting shareholders entitled to fair value payment for their shares

Mandates annual benefit reports filed with the Secretary of State by April 1 with a $50 fee, including third-party standard assessments and CEO certification; failure to file results in automatic revocation of public benefit status with a $300 reinstatement fee available within 30 days

Directors must balance stockholder financial interests, stakeholder interests, and the stated public benefit purpose; corporations cannot be held liable for monetary damages for failing to achieve public benefits, though courts may order status termination, director removal, or receiver appointment

Effective July 1, 2027; corporations that terminate or have status revoked more than once cannot re-elect public benefit status for three years