Wisconsin Statutes 204.401 – Annual benefit statement
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Terms Used In Wisconsin Statutes 204.401
- 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.
- Following: when used by way of reference to any statute section, means the section next following that in which the reference is made. See Wisconsin Statutes 990.01
(1) A benefit corporation shall annually provide its shareholders, within 30 days of the end of the benefit corporation’s fiscal year, with a statement as to the benefit corporation’s promotion of general public benefit or any specific public benefit identified in its articles. The statement shall include all of the following:
(a) The objectives the board of directors has established to promote general public benefit or any specific public benefit.
(b) The standards the board of directors has adopted to measure the corporation’s progress in promoting general public benefit or any specific public benefit.
(c) Objective, factual information based on the standards under par. (b) regarding the benefit corporation’s success in meeting the objectives under par. (a) and in promoting public benefits and interests.
(d) An assessment of the corporation’s success in meeting the objectives under par. (a) and in promoting general public benefit or any specific public benefit.
(2) The articles or bylaws of a benefit corporation may require that the benefit corporation do any of the following:
(a) Make the statement described in sub. (1) available to the public.
(b) Use a 3rd-party standard in connection with or attain a periodic 3rd-party certification addressing the corporation’s promotion of general public benefit or any specific public benefit identified in its articles.