§ 366 Periodic statements and third-party certification.

  1. A PBC’s stockholder meeting notice shall state that it is a PBC formed pursuant to this subchapter.
  2. A PBC shall no less than biennially provide its stockholders with a statement as to the corporation’s promotion of the public benefit identified in the charter and of the best interests of those materially affected by the corporation’s conduct. The statement shall include:
    1. The objectives the board has established to promote such public benefit and interests;
    2. The standards the board has adopted to measure the corporation’s progress in promoting such public benefit and interests;
    3. Objective factual information based on those standards regarding the corporation’s success in meeting the objectives for promoting such public benefit and interests; and
    4. An assessment of the corporation’s success in meeting the objectives and promoting such public benefit and interests.
  3. The PBC’s charter or bylaws may require that the corporation (1) provide the foregoing statement more frequently, (2) make it available to the public; and/or (3) use a third-party standard, or attain a third-party certification, of its promotion of such public benefit and/or interests.
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