The bill addresses compliance issues identified in the performance audit of MassVentures (MV) for the fiscal years 2022 and 2023, particularly regarding the timely submission of annual reports and the inclusion of essential information. MV submitted its reports 22 and 21 days late, respectively, which hampers the Legislature's ability to effectively review its activities and increases the risk of misaligned 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 necessity of including critical data, such as the number of jobs created and individuals hired by supported corporations, to facilitate legislative oversight.

Furthermore, the bill highlights MV's failure to specify which municipalities qualify as economic target areas, despite the legal requirement that at least 50% of its investments be directed towards these areas. MV has recognized the need for improved reporting practices and has committed to providing clearer definitions in future reports. Additionally, the bill raises concerns about cybersecurity training for MV employees, recommending the implementation of a policy to ensure all staff complete necessary training to mitigate cybersecurity risks.