Definitions for ORS 60.750 to 60.770

As used in 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. (2) “Benefit governor” means an individual who is designated as the benefit governor of a benefit company under ORS 60.762. (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. (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 (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.