Bill Text: NY S04278 | 2019-2020 | General Assembly | Introduced


Bill Title: Enacts the "women on corporate boards study"; requires the department of state, in collaboration with the department of taxation and finance, to conduct a study on the number of women directors who serve on each board of directors of domestic corporations and foreign corporations authorized to do business in New York state.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced) 2019-05-22 - ADVANCED TO THIRD READING [S04278 Detail]

Download: New_York-2019-S04278-Introduced.html


                STATE OF NEW YORK
        ________________________________________________________________________
            S. 4278                                                  A. 6330
                               2019-2020 Regular Sessions
                SENATE - ASSEMBLY
                                      March 6, 2019
                                       ___________
        IN SENATE -- Introduced by Sen. KRUEGER -- read twice and ordered print-
          ed, and when printed to be committed to the Committee on Corporations,
          Authorities and Commissions
        IN  ASSEMBLY  --  Introduced  by  M.  of  A.  SEAWRIGHT -- read once and
          referred to the Committee on Corporations, Authorities and Commissions
        AN ACT to amend the business corporation law, in  relation  to  enacting
          the "women on corporate boards study"
          The  People of the State of New York, represented in Senate and Assem-
        bly, do enact as follows:
     1    Section 1. Short title. This act shall be known and may  be  cited  as
     2  the "women on corporate boards study".
     3    §  2.  Women  directors  on corporate boards report. The department of
     4  state, in collaboration with the department  of  taxation  and  finance,
     5  shall conduct a study on the number of women directors who serve on each
     6  board  of  directors  of  domestic corporations and foreign corporations
     7  authorized to do business in this state. The study shall include but not
     8  be limited to: the number of women directors and  the  total  number  of
     9  directors  that constitute the board of each corporation; an analysis of
    10  the change in number of women directors from  previous  years;  and  the
    11  aggregate percentage of women directors on all such boards of directors.
    12  In  conducting  the  study the department of state shall use information
    13  provided in the statement filed pursuant to  subdivisions  1  and  8  of
    14  section  408  of  the  business  corporation law and any other available
    15  information the department of state deems relevant. On or before  Febru-
    16  ary 1, 2022, and on or before February first of every fourth year there-
    17  after, the department of state shall publish a report on the findings of
    18  such  study and post such report on the department of state's website. A
    19  copy of the report shall be furnished to  the  governor,  the  temporary
    20  president  of  the  senate  and  the  speaker of the assembly. The terms
    21  "director", "domestic corporation", and "foreign  corporation"  used  in
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD06312-01-9

        S. 4278                             2                            A. 6330
     1  this  act  shall  have the same meaning as defined in section 102 of the
     2  business corporation law.
     3    §  3. Subdivision 1 of section 408 of the business corporation law, as
     4  amended by section 3 of part S of chapter 59 of the  laws  of  2015,  is
     5  amended to read as follows:
     6    1.  Except as provided in paragraph eight of this section, each domes-
     7  tic corporation, and each foreign corporation authorized to do  business
     8  in  this state, shall, during the applicable filing period as determined
     9  by subdivision three of this section, file a statement setting forth:
    10    (a) The name and business address of its chief executive officer.
    11    (b) The street address of its principal executive office.
    12    (c) The post office address within or without this state to which  the
    13  secretary  of  state  shall mail a copy of any process against it served
    14  upon him or her. Such address shall supersede any  previous  address  on
    15  file with the department of state for this purpose.
    16    (d) The number of directors constituting the board and how many direc-
    17  tors of such board are women.
    18    §  4.  This  act shall take effect on the thirtieth day after it shall
    19  have become a law.
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