(a) In general.- In this subtitle the following words have the meanings indicated.
(b) Benefit corporation.- " Benefit corporation" means a Maryland corporation that elects to be a benefit corporation in accordance with § 5-6C-03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5-6C-04 of this subtitle.
(c) General public benefit.- "General public benefit" means a material, positive impact on society and the environment, as measured by a third-party standard, through activities that promote a combination of specific public benefits.
(d) Specific public benefit.- "Specific public benefit" includes:
(1) Providing individuals or communities with beneficial products or services;
(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(3) Preserving the environment;
(4) Improving human health;
(5) Promoting the arts, sciences, or advancement of knowledge;
(6) Increasing the flow of capital to entities with a public benefit purpose; or
(7) The accomplishment of any other particular benefit for society or the environment.
(e) Third-party standard.- "Third-party standard" means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:
(1) Is developed by a person or entity that is independent of the benefit corporation; and
(2) Is transparent because the following information about the standard is publicly available or accessible:
(i) The factors considered when measuring the performance of a business;
(ii) The relative weightings of those factors; and
(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.
(a) In general.- In this subtitle the following words have the meanings indicated.
(b) Benefit corporation.- " Benefit corporation" means a Maryland corporation that elects to be a benefit corporation in accordance with § 5-6C-03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5-6C-04 of this subtitle.
(c) General public benefit.- "General public benefit" means a material, positive impact on society and the environment, as measured by a third-party standard, through activities that promote a combination of specific public benefits.
(d) Specific public benefit.- "Specific public benefit" includes:
(1) Providing individuals or communities with beneficial products or services;
(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(3) Preserving the environment;
(4) Improving human health;
(5) Promoting the arts, sciences, or advancement of knowledge;
(6) Increasing the flow of capital to entities with a public benefit purpose; or
(7) The accomplishment of any other particular benefit for society or the environment.
(e) Third-party standard.- "Third-party standard" means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:
(1) Is developed by a person or entity that is independent of the benefit corporation; and
(2) Is transparent because the following information about the standard is publicly available or accessible:
(i) The factors considered when measuring the performance of a business;
(ii) The relative weightings of those factors; and
(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.
(a) In general.- In this subtitle the following words have the meanings indicated.
(b) Benefit corporation.- " Benefit corporation" means a Maryland corporation that elects to be a benefit corporation in accordance with § 5-6C-03 of this subtitle and has not ceased to be a benefit corporation through the operation of § 5-6C-04 of this subtitle.
(c) General public benefit.- "General public benefit" means a material, positive impact on society and the environment, as measured by a third-party standard, through activities that promote a combination of specific public benefits.
(d) Specific public benefit.- "Specific public benefit" includes:
(1) Providing individuals or communities with beneficial products or services;
(2) Promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
(3) Preserving the environment;
(4) Improving human health;
(5) Promoting the arts, sciences, or advancement of knowledge;
(6) Increasing the flow of capital to entities with a public benefit purpose; or
(7) The accomplishment of any other particular benefit for society or the environment.
(e) Third-party standard.- "Third-party standard" means a standard for defining, reporting, and assessing best practices in corporate social and environmental performance that:
(1) Is developed by a person or entity that is independent of the benefit corporation; and
(2) Is transparent because the following information about the standard is publicly available or accessible:
(i) The factors considered when measuring the performance of a business;
(ii) The relative weightings of those factors; and
(iii) The identity of the persons who developed and control changes to the standard and the process by which those changes were made.
