ORS 60.750
Definitions for ORS 60.750 to 60.770
(1)
“Benefit company” means a corporation or a limited liability company that is incorporated, organized, formed or created under ORS 60.754 (Status as benefit company).(2)
“Benefit governor” means an individual who is designated as the benefit governor of a benefit company under ORS 60.762 (Benefit company board of governors).(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.(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.(5)
“Minimum status vote” means a decision that an entity makes in accordance with ORS 60.756 (Minimum status vote required to approve certain actions).(6)
“Third-party standard” means a recognized standard for defining, reporting and assessing an entity’s social and environmental performance that:(a)
Establishes criteria that apply to all of the interests described in ORS 60.760 (Duties of, standard of conduct for and liabilities of governor of benefit company) (1)(b), (c), (d), (e) and (f);(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(c)
Has information publicly available concerning:(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;(B)
The process by which the standard is developed and revised; and(C)
The organization that developed the standard that is sufficient in detail to disclose any relationships that might compromise the organization’s independence, including:(i)
The material owners and members of the organization’s governing body;(ii)
How the organization selects members of the organization’s governing body; and(iii)
The organization’s sources of financial support. [2013 c.269 §1]
Source:
Section 60.750 — Definitions for ORS 60.750 to 60.770, https://www.oregonlegislature.gov/bills_laws/ors/ors060.html.
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