The bill addresses compliance issues identified in the performance audit of MassVentures (MV) for the fiscal years 2022 and 2023, specifically regarding the timely submission of annual reports and the inclusion of essential information. MV submitted its reports 21 and 22 days late, respectively, which hampers the Legislature's ability to review its activities and increases the risk of inappropriate investments. The bill mandates that MV adhere to the 90-day submission requirement as outlined in Section 6 of Chapter 40G of the General Laws and emphasizes the need for detailed disclosures about the number of jobs created and individuals hired by corporations receiving support under Chapters 115, 117A, and 118.

Furthermore, the bill highlights the lack of required cybersecurity awareness training for MV employees, which poses a risk to the organization. It recommends that MV implement a policy to ensure all employees complete cybersecurity training upon hire and annually thereafter. The bill acknowledges that MV is aware of these compliance issues and is taking steps to improve its reporting practices and employee training, including tracking training completion and enhancing the specificity of its annual reports regarding economic target areas.