Delaware

Requirements: 

Under Section 366 of the DGCL, a PBC is required to provide its stockholders with a statement as to the PBC’s promotion of its public benefit and of the best interests of those materially affected by its conduct. The statement must be provided at least every other year. The statement is specifically required to include the following information:

  1. The objectives the board has established to promote the public benefit and interests.
  2. The standards the board has adopted to measure the corporation’s progress in promoting the public benefit and interests.
  3. Objective factual information based on the board's standards regarding the corporation’s success in meeting those objectives.
  4. An assessment of the corporation’s success in meeting the objectives and in promoting the public benefit and interests.
  5. The report is not required to take a specific form. In addition, the PBC is not required to make the report available publicly unless mandated by its certificate of incorporation.
  6. Unless required by its certificate of incorporation, the PBC is not required to use a third-party standard in connection with the promotion of the public benefit and/or best interests of those materially affected by the corporation’s conduct. The PBC also is not required to obtain third-party certification unless required by its certificate of incorporation.

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