Hawaii Revised Statutes Division 2. Business § 420D-2

As used in this chapter:

“Benefit director” means the director designated as the benefit director of a sustainable business corporation under section 420D-7.

“Benefit officer” means the individual designated as the benefit officer of a sustainable business corporation under section 420D-9.

“General public benefit” means a material positive impact on society and the environment, taken as a whole and as measured by a third-party standard under section 420D-12, from the business and operations of a sustainable business corporation.

“Independent” means having no material relationship with a sustainable business corporation or any of its subsidiaries.

“Material owner” means a shareholder who holds either beneficially or of record five per cent or more of the outstanding shares of a sustainable business corporation.

“Material relationship” means a relationship between a person and a sustainable business corporation where:

“Minimum status vote” means that in addition to any other approval or vote required by this chapter or the bylaws adopted by the shareholders:

“Subsidiary” of a person means an association in which the person owns beneficially or of record fifty per cent or more of the outstanding equity interests; provided that a percentage of ownership in an association shall be calculated as if all outstanding rights to acquire equity interests in the association had been exercised.

“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.

“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.