A third-party standard for purposes of defining, reporting, and assessing overall corporate social and environmental performance of a sustainable business corporation subject to this chapter shall be:

(1) Comprehensive in its assessment of the effect of the business and its operations upon the interests listed in section 420D-6(a);

Terms Used In Hawaii Revised Statutes 420D-12

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Independent: means having no material relationship with a sustainable business corporation or any of its subsidiaries. See Hawaii Revised Statutes 420D-2
  • Sustainable business corporation: means a domestic corporation, incorporated under chapter 414, that has elected to also become subject to this chapter and whose status as a sustainable business corporation has not been terminated as provided in this chapter. See Hawaii Revised Statutes 420D-2
  • Third-party standard: means a standard for defining, reporting, and assessing overall corporate social and environmental performance that conforms to the requirements of this chapter. See Hawaii Revised Statutes 420D-2
(2) Developed by an organization that is independent of the sustainable business corporation; and
(3) Transparent because the following information is publicly available:

(A) The criteria considered when measuring the overall social and environmental performance of a business, as well as the relative weightings of those criteria;
(B) The identity of the directors, officers, any material owners, and the governing body of the organization that developed and controls revisions to the standard;
(C) The process by which revisions to the standard are made;
(D) The process by which changes to the membership of the governing body of the organization that developed and controls revisions to the standard are made; and
(E) An accounting of the sources of financial support for the organization that developed and controls revisions to the standard, with sufficient detail to disclose any relationships that could reasonably be considered to present a potential conflict of interest.
  Previous
Next  
 Chapter 420D Contents