Businesses: business corporations; benefit corporations; establish requirements relating to annual benefit reports. Amends sec. 911 of 1972 PA 284 (MCL 450.1911) & adds sec. 961.

This bill requires benefit corporations in Michigan to file an annual report detailing their social and environmental performance alongside their standard business filings. The new report must describe how the company pursued its public benefit goals, explain any obstacles faced, and provide an assessment of its overall impact based on a third-party standard. Companies must also disclose director compensation and clarify any connections between the third-party standard and the corporation to ensure transparency. While the report must be shared with shareholders and posted online, businesses can omit sensitive financial data and director pay from the public version.