{"data":{"id":"us-or/ors-60.750","jurisdiction":"us-or","citation":"ORS 60.750","heading":"Definitions for ORS 60.750 to 60.770.","body":"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 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.","path":["02 - Business Organizations, Commercial Code","7. Corporations and Partnerships","Chapter 60 — Private Corporations"],"source_url":"https://www.oregonlegislature.gov/bills_laws/ors/ors060.html","current_through":"2025 Edition","vintage":"","retrieved_at":"2026-09-03T23:50:10Z","sha256":"2092cd168d720db2a93cf24d165995ff59e9dd0433f93cfa070150fb003e1a37","source_id":"us-or","stale":false,"prev":"us-or/ors-60.747","next":"us-or/ors-60.752"},"notice":"GroundRules: Original legal text. Not legal advice."}