(a) In this subtitle the following words have the meanings indicated. (b) 'Benefit corporation' means a Maryland corporation that elects to be a benefit corporation in accordance with § 5–6C–03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5–6C–04 of this subtitle. (c) 'General public benefit' means a material, positive impact on society and the environment, as measured by a third–party standard, through activities that promote a combination of specific public benefits. (d) 'Specific public benefit' includes: (1) Providing individuals or communities with beneficial products or services; (2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business; (3) Preserving the environment; (4) Improving human health; (5) Promoting the arts, sciences, or advancement of knowledge; (6) Increasing the flow of capital to entities with a public benefit purpose; or (7) The accomplishment of any other particular benefit for society or the environment. (e) 'Third–party standard' means a standard for defining, reporting, and assessing best practices in corporate social and environmental of any other particular benefit for society or the environment. (e) 'Third–party standard' means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that: (1) Is developed by a person or entity that is independent of the benefit corporation; and (2) Is transparent because the following information about the standard is publicly available or accessible: (i) The factors considered when measuring the performance of a business; (ii) The relative weightings of those factors; and (iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.
Maryland Legal Code