South Dakota will create a new category of corporations called "public benefit corporations" that must consider society and the environment alongside profits. These companies can declare themselves as either general benefit corporations (serving broad public interests) or specific benefit corporations, and they'll be governed by standard corporate law except where this new chapter sets stricter requirements. This allows businesses to legally prioritize social and environmental goals without violating their duty to shareholders.
AI-generated summary
This bill does not directly amend codified state law.
Judiciary Deferred to the 41st legislative day Passed, YEAS 11, NAYS 0. H.J. 9
Judiciary Scheduled for hearing H.J. 1
House of Representatives Referred to House Judiciary H.J. 165
First Reading House H.J. 149
Prime sponsor · Rep
D
Dist. HD-015
Prime sponsor · Sen
R
Dist. SD-005
cosponsor · Rep
D
Dist. HD-026
cosponsor · Rep
D
Dist. HD-032
Deferred to the 41st legislative day
Deferred to the 41st legislative day