SB0789

Michigan SB0789 amends the business corporation law to establish provisions for benefit corporations, including duties of directors, reporting.

Michigan SB0789 amends the business corporation law to establish provisions for benefit corporations. A benefit corporation must include specific public benefits in its articles of incorporation and consider stakeholder interests alongside shareholder interests. Directors of benefit corporations must balance these interests when making business judgments. The bill outlines procedures for ratifying defective corporate actions and limits director liability for certain actions. Benefit corporations must also file annual benefit reports detailing their efforts to achieve public benefits.