Terms Used In Utah Code > Title 48 > Chapter 4 > Part 4 - Transparency

• Benefit company: means a limited liability company:
       (1)(a) that elects to become subject to this chapter; and
       (1)(b) the status of which as a benefit company has not been terminated. See Utah Code 48-4-103
• Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
• General public benefit: means a material positive impact on society and the environment:
       (3)(a) taken as a whole;
       (3)(b) assessed against a third-party standard; and
       (3)(c) from the business of a benefit company. See Utah Code 48-4-103
• Person: means :
       (24)(a) an individual;
       (24)(b) an association;
       (24)(c) an institution;
       (24)(d) a corporation;
       (24)(e) a company;
       (24)(f) a trust;
       (24)(g) a limited liability company;
       (24)(h) a partnership;
       (24)(i) a political subdivision;
       (24)(j) a government office, department, division, bureau, or other body of government; and
       (24)(k) any other organization or entity. See Utah Code 68-3-12.5
• Process: means a writ or summons issued in the course of a judicial proceeding. See Utah Code 68-3-12.5
• Specific public benefit: includes :
       (8)(a) providing low-income or underserved individuals or communities with beneficial products or services;
       (8)(b) promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business;
       (8)(c) protecting or restoring the environment;
       (8)(d) improving human health;
       (8)(e) promoting the arts, sciences, or advancement of knowledge;
       (8)(f) increasing the flow of capital to entities with a purpose to benefit society or the environment; and
       (8)(g) conferring any other particular benefit on society or the environment. See Utah Code 48-4-103
• Third-party standard: means a standard for defining, reporting, and assessing overall social and environmental performance that:
       (10)(a) assesses the effect of a business and a business's operations on the interests described in Subsections 48-4-301(1)(a)(ii) through (v);
       (10)(b) is developed by an entity:

            (10)(b)(i) that is independent of the benefit company;

            (10)(b)(ii) whose governing body is comprised of no more than one-third of members who are representatives of any of the following:

                 (10)(b)(ii)(A) an association of businesses that operate in a specific industry whose members are measured by the standard;

                 (10)(b)(ii)(B) businesses from a specific industry or an association of businesses in that industry; or

                 (10)(b)(ii)(C) businesses whose performance is assessed against the standard;

            (10)(b)(iii) that is not materially financed by an association or business described in Subsection (10)(b)(ii);

            (10)(b)(iv) that has access to necessary expertise to assess overall social and environmental performance;

            (10)(b)(v) uses a balanced multistakeholder approach to develop the standard, including a public comment period of at least 30 days; and

            (10)(b)(vi) makes the following information publically available:

                 (10)(b)(vi)(A) the criteria considered when measuring the overall social and environmental performance of a business;

                 (10)(b)(vi)(B) the relative weightings, if any, of the criteria described in Subsection (10)(b)(vi)(A);

                 (10)(b)(vi)(C) the identity of each director, officer, material owner, and governing body of the entity that developed and controls revisions to the standard;

                 (10)(b)(vi)(D) the process by which revisions to the standard and changes to the membership of the governing body are made; and

                 (10)(b)(vi)(E) an accounting of the revenue and sources of financial support for the entity, with sufficient detail to disclose a relationship that could reasonably be considered to present a potential conflict of interest. See Utah Code 48-4-103