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 entitys 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 companys affiliates; and (c) Has information publicly available concerning: (A) The criteria the standard uses to measure an entitys 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 organizations independence, including: (i) The material owners and members of the organizations governing body; (ii) How the organization selects members of the organizations governing body; and (iii) The organizations sources of financial support. Note: 60.750 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.
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