§ 60.750

As used in ORS 60.750 to 60.770:\n(1) 'Benefit company' means a corporation or a limited liability company that is incorporated, organized, formed or created under ORS 60.754.\n(2) 'Benefit governor' means an individual who is designated as the benefit governor of a benefit company under ORS 60.762.\n(3) 'General public benefit' means a material positive impact on society and the environment, taken as a whole, from the business and operations of a benefit company.\n(4) 'Governor' means a director of a corporation that is a benefit company, a member in a member-managed limited liability company that is a benefit company or a manager in a manager-managed limited liability company that is a benefit company.\n(5) 'Minimum status vote' means a decision that an entity makes in accordance with ORS 60.756.\n(6) 'Third-party standard' means a recognized standard for defining, reporting and assessing an entity’s social and environmental performance that:\n(a) Establishes criteria that apply to all of the interests described in ORS 60.760 (1)(b), (c), (d), (e) and (f);\n(b) Is developed by an organization that is not under the control of the benefit company or any of the benefit company’s

o all of the interests described in ORS 60.760 (1)(b), (c), (d), (e) and (f);\n(b) Is developed by an organization that is not under the control of the benefit company or any of the benefit company’s affiliates; and\n(c) Has information publicly available concerning:\n(A) The criteria the standard uses to measure an entity’s overall social and environmental performance and the relative weight the standard gives to each criterion;\n(B) The process by which the standard is developed and revised; and\n(C) The organization that developed the standard that is sufficient in detail to disclose any relationships that might compromise the organization’s independence, including:\n(i) The material owners and members of the organization’s governing body;\n(ii) How the organization selects members of the organization’s governing body; and\n(iii) The organization’s sources of financial support. [2013 c.269 §1]\nNote:\n60.750 to 60.770 were enacted into law by the Legislative Assembly but were not added to or made a part of ORS chapter 60 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.