Tennessee § 48-28-107 Notice of meetings - Annual benefit reports - Use of third-party standard or certification addressing promotion of public benefit or benefits

Tennessee Statutes

§ 48-28-107 — Notice of meetings - Annual benefit reports - Use of third-party standard or certification addressing promotion of public benefit or benefits

(a)A for-profit benefit corporation shall include in every notice of a meeting of shareholders a statement to the effect that it is a for-profit benefit corporation subject to this chapter.

(b)No later than four (4) months after the close of a for-profit benefit corporation's fiscal year, the for-profit benefit corporation shall deliver to its shareholders an annual benefit report covering the immediately preceding fiscal year. The annual benefit report shall state the name of the for-profit benefit corporation and contain, with regard to the period covered by the report, a narrative description of:

(1)The ways in which the corporation pursued the public benefit or public benefits stated in its charter;

(2)The extent to which that public benefit purpose or purposes were pursued and ach

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(a) A for-profit benefit corporation shall include in every notice of a meeting of shareholders a statement to the effect that it is a for-profit benefit corporation subject to this chapter. (b) No later than four (4) months after the close of a for-profit benefit corporation's fiscal year, the for-profit benefit corporation shall deliver to its shareholders an annual benefit report covering the immediately preceding fiscal year. The annual benefit report shall state the name of the for-profit benefit corporation and contain, with regard to the period covered by the report, a narrative description of: (1) The ways in which the corporation pursued the public benefit or public benefits stated in its charter; (2) The extent to which that public benefit purpose or purposes were pursued and achieved; and (3) Any material circumstances that hindered efforts to pursue or achieve the public benefit or public benefits. (c) A for-profit benefit corporation is not required to have its annual benefit report audited, certified, or otherwise evaluated by a third party. (d) A for-profit benefit corporation shall post its annual benefit reports on the public portion of its website, if any; provided, the compensation paid to directors and financial or proprietary information may be omitted from the posted annual benefit reports. (e) If a for-profit benefit corporation does not have a website, the for-profit benefit corporation shall provide a copy of its most recent annual benefit report, without charge, to any person who requests a copy; provided, the compensation paid to directors and financial or proprietary information may be omitted from the provided annual benefit reports. (f) The charter or bylaws of a for-profit benefit corporation may require that the corporation use a third-party standard in connection with or attain a periodic third-party certification addressing the corporation's promotion of the public benefit or public benefits identified in the charter or the best interests of those materially affected by the corporation's conduct.

Tennessee § 48-28-107 (Notice of meetings - Annual benefit reports - Use of third-party standard or certification addressing promotion of public benefit or benefits) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.