1.No less than annually, a benefit corporation shall prepare a benefit report addressing
the efforts of the corporation during the preceding year to operate in a responsible and
sustainable manner, to pursue any public benefit or benefits identified in any public benefit
provision, and to consider the interests described in section 490.1704, subsection 2. The
annual benefit report must include all of the following:
a.The objectives that the board of directors has established for the corporation to operate
in a responsible and sustainable manner, to pursue any public benefit or benefits identified
in any public benefit provision, and to consider the interests described in section 490.1704,
subsection 2.
b.The standards the board of directors has adopted to measure the corporation’s
progr
Free access — add to your briefcase to read the full text and ask questions with AI
1. No less than annually, a benefit corporation shall prepare a benefit report addressing
the efforts of the corporation during the preceding year to operate in a responsible and
sustainable manner, to pursue any public benefit or benefits identified in any public benefit
provision, and to consider the interests described in section 490.1704, subsection 2. The
annual benefit report must include all of the following:
a. The objectives that the board of directors has established for the corporation to operate
in a responsible and sustainable manner, to pursue any public benefit or benefits identified
in any public benefit provision, and to consider the interests described in section 490.1704,
subsection 2.
b. The standards the board of directors has adopted to measure the corporation’s
progress in operating in a responsible and sustainable manner, in pursuing the public
benefit or benefits identified in any public benefit provision, and in considering the interests
described in section 490.1704, subsection 2.
c. If the articles of incorporation or bylaws require that the corporation use an
independent third-party standard in reporting on the corporation’s progress in operating in
a responsible and sustainable manner, in pursuing any public benefit or benefits identified
in any public benefit provision, or in considering the interests described in section 490.1704,
subsection 2, or if the board of directors has chosen to use such a standard, the applicable
standard so required or chosen.
d. An assessment of the corporation’s success in meeting the objectives and standards
identified in paragraphs “a” and “b”, and, if applicable, paragraph “c”, and the basis for that
assessment.
2. Thebenefitcorporationshalldelivertoeachshareholder,ormakeavailableandprovide
written notice to each shareholder of the availability of, the annual benefit report required by
subsection 1 on or before the earlier of the following:
a. One hundred twenty days following the end of the fiscal year of the benefit corporation.
b. The time that the benefit corporation delivers any other annual reports or annual
financial statements to its shareholders.
3. Any shareholder that has not received or been given access to an annual benefit report
within the time required by subsection 2 may make a written request that the corporation
deliverormakeavailabletheannualbenefitreporttotheshareholder. Ifabenefitcorporation
does not deliver or make available an annual benefit report to the shareholder within five
business days of receiving such request, the requesting shareholder may apply to the district
court of the county where the corporation’s principal office or, if none in this state, its
registered office, is located for an order requiring delivery of or access to the annual benefit
report. The court shall dispose of an action under this subsection 3 on an expedited basis.
4. A benefit corporation shall post all of its annual benefit reports on the public portion
of its internet site, if any. If a benefit corporation does not have an internet site, the benefit
corporation shall provide a copy of its most recent annual benefit report, without charge, to
any person that requests a copy in writing.