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

• Benefit company: means a limited liability company:

  (a)	that elects to become subject to this chapter; and

  (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: (a)  taken as a whole; (b)  assessed against a third-party standard; and (c)  from the business of a benefit company. See Utah Code 48-4-103 Person: means :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 : (a)  providing low-income or underserved individuals or communities with beneficial products or services; (b)  promoting economic opportunity for individuals or communities beyond the creation of jobs in the normal course of business; (c)  protecting or restoring the environment; (d)  improving human health; (e)  promoting the arts, sciences, or advancement of knowledge; (f)  increasing the flow of capital to entities with a purpose to benefit society or the environment; and (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: (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); (b)  is developed by an entity: (i)  that is independent of the benefit company; (ii)  whose governing body is comprised of no more than one-third of members who are representatives of any of the following: (A)  an association of businesses that operate in a specific industry whose members are measured by the standard; (B)  businesses from a specific industry or an association of businesses in that industry; or (C)  businesses whose performance is assessed against the standard; (iii)  that is not materially financed by an association or business described in Subsection (10)(b)(ii); (iv)  that has access to necessary expertise to assess overall social and environmental performance; (v)  uses a balanced multistakeholder approach to develop the standard, including a public comment period of at least 30 days; and (vi)  makes the following information publically available: (A)  the criteria considered when measuring the overall social and environmental performance of a business; (B)  the relative weightings, if any, of the criteria described in Subsection (10)(b)(vi)(A); (C)  the identity of each director, officer, material owner, and governing body of the entity that developed and controls revisions to the standard; (D)  the process by which revisions to the standard and changes to the membership of the governing body are made; and (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