(a) A sustainable business corporation shall deliver to each shareholder an annual benefit report including:
Terms Used In Hawaii Revised Statutes 420D-11
Benefit director: means the director designated as the benefit director of a sustainable business corporation under § 420D-7. See Hawaii Revised Statutes 420D-2
Benefit officer: means the individual designated as the benefit officer of a sustainable business corporation under § 420D-9. See Hawaii Revised Statutes 420D-2
Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
General public benefit: means a material positive impact on society and the environment, taken as a whole and as measured by a third-party standard under section 420D-12, from the business and operations of a sustainable business corporation. See Hawaii Revised Statutes 420D-2
Oversight: Committee review of the activities of a Federal agency or program.
Sustainable business corporation: means a domestic corporation, incorporated under chapter 414, that has elected to also become subject to this chapter and whose status as a sustainable business corporation has not been terminated as provided in this chapter. See Hawaii Revised Statutes 420D-2
Third-party standard: means a standard for defining, reporting, and assessing overall corporate social and environmental performance that conforms to the requirements of this chapter. See Hawaii Revised Statutes 420D-2
(1) A narrative description of:
(A) The ways in which the sustainable business corporation pursued general public benefits during the year and the extent to which general public benefit was created;(B) The ways in which the sustainable business corporation pursued any specific public benefit that the articles state as a purpose of the sustainable business corporation and the extent to which that specific public benefit was created; and(C) Any circumstances that have hindered the creation by the sustainable business corporation of general or specific public benefits;(2) An assessment of the overall social and environmental performance of the sustainable business corporation, prepared in accordance with a third-party standard under section 420D-12 applied consistently with any application of that standard in prior benefit reports or accompanied by an explanation of the reasons for any inconsistent application;(3) The name of the benefit director and the benefit officer, if any, and the address to which correspondence to each of them may be directed;(4) The compensation paid by the sustainable business corporation during the year to each director in the person’s capacity as director;(5) The name of each person who owns five per cent or more of the outstanding shares of the sustainable business corporation either beneficially to the extent known to the sustainable business corporation or of record;(6) The statement of the benefit director described in section 420D-7(c);(7) A statement of any connection to the organization that developed the third-party standard under section 420D-12, or its directors, officers, or material owners from the sustainable business corporation, or its directors, officers, and material owners, including any financial or governance relationship that might materially affect the credibility of the objective assessment of the third-party standard; and(8) A statement that, as a private corporation under the direction of its board and accountable to its shareholders and the articles and bylaws of the sustainable business corporation, including those governing the general or specific public benefit purpose and the activities of the sustainable business corporation, the sustainable business corporation and its activities are subject to the oversight of the board of the sustainable business corporation and are not subject to the direct oversight, regulation, or endorsement of any governmental body.(b) A sustainable business corporation shall post a draft of its benefit report on the public section of its website, or make it otherwise available to the public, for a sixty-day public comment period prior to final publication of the benefit report. The deadline for a commentary shall be published in a publicly accessible manner.(c) The benefit report shall be sent annually to each shareholder within one hundred twenty days following the end of the fiscal year of the sustainable business corporation.(d) A sustainable business corporation shall 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. If a sustainable business corporation does not have a public website, it shall deliver a copy of its most recent benefit report upon request and without charge to any person who requests a copy.
