2013 New York Consolidated Laws
BSC - Business Corporation
Article 17 - (1701 - 1709) BENEFIT CORPORATIONS
1708 - Annual benefit report.

 
  § 1708. Annual benefit report.
    (a)  A  benefit corporation must deliver to each shareholder an annual
  benefit report including:
    (1) a narrative description of:
    (A) the process and rationale for selecting the third  party  standard
  used to prepare the benefit report;
    (B)  the  ways in which the benefit corporation pursued general public
  benefit during the year and the extent to which general  public  benefit
  was created;
    (C)  the  ways  in  which the benefit corporation pursued any specific
  public benefit that the certificate of incorporation states  it  is  the
  purpose  of  the  benefit  corporation to create and the extent to which
  that specific public benefit was created; and
    (D) any circumstances that have hindered the creation by  the  benefit
  corporation of general or specific public benefit;
    (2)  an  assessment  of  the  performance  of the benefit corporation,
  relative to its  general  public  benefit  purpose  assessed  against  a
  third-party  standard  applied consistently with any application of that
  standard in prior benefit reports or accompanied by  an  explanation  of
  the  reasons  for  any  inconsistent  application  and,  if  applicable,
  assessment of the performance of the benefit  corporation,  relative  to
  its specific public benefit purpose or purposes;
    (3)  the  compensation paid by the benefit corporation during the year
  to each director in that capacity; and
    (4) the name of each person that owns beneficially or of  record  five
  percent or more of the outstanding shares of the benefit corporation.
    (b)  The  benefit  report  must  be  sent annually to each shareholder
  within one hundred twenty days following the end of the fiscal  year  of
  the benefit corporation. Delivery of a benefit report to shareholders is
  in  addition  to  any  other  requirement to deliver an annual report to
  shareholders.
    (c) A benefit corporation must post its most recent benefit report  on
  the  public portion of its website, if any, except that the compensation
  paid to directors and any financial or proprietary information  included
  in the benefit report may be omitted from the benefit report as posted.
    (d)   Concurrently   with  the  delivery  of  the  benefit  report  to
  shareholders pursuant to paragraph (b)  of  this  section,  the  benefit
  corporation  must deliver a copy of the benefit report to the department
  for filing, except that the  compensation  paid  to  directors  and  any
  financial  or proprietary information included in the benefit report may
  be omitted from the benefit report as filed under this section.
    (e) The annual benefit report  shall  be  in  addition  to  all  other
  reporting requirements under this chapter.