senate Bill S2952B

2013-2014 Legislative Session

Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations

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Sponsored By

Archive: Last Bill Status - In Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

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Actions

view actions (6)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Apr 07, 2014 print number 2952b
amend and recommit to corporations, authorities and commissions
Jan 08, 2014 referred to corporations, authorities and commissions
Apr 11, 2013 print number 2952a
amend and recommit to corporations, authorities and commissions
Jan 25, 2013 referred to corporations, authorities and commissions

Bill Amendments

Original
A
B (Active)
Original
A
B (Active)

S2952 - Details

Current Committee:
Law Section:
Business Corporation Law
Laws Affected:
Add §§609-a & 609-b, BC L

S2952 - Summary

Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; requires the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management.

S2952 - Sponsor Memo

S2952 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                  2952

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and Commissions

AN  ACT  to amend the business corporation law, in relation to requiring
  the authorization of certain political expenditures by the  sharehold-
  ers  and the board of directors of public corporations; and to require
  the comptroller to annually conduct a study on the compliance with the
  requirements of this act by public corporations and their management

  THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND  ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section  1.  This act shall be known and may be cited as the "New York
shareholder protection act of 2013".
  S 2. Legislative intent and  purpose.  The  legislature  hereby  finds
that:
  a.  Corporations make significant political contributions and expendi-
tures that directly or indirectly influence the election  of  candidates
and support or oppose political causes. Decisions to use corporate funds
for  political contributions and expenditures are usually made by corpo-
rate boards and executives, rather than shareholders.
  b. Corporations, acting through their boards and executives, are obli-
gated to conduct business for the best interests of  their  owners,  the
shareholders.
  c. Historically, shareholders have not had a way to know, or to influ-
ence,  the  political  activities of corporations they own. Shareholders
and the public have a right to know how corporations are spending  their
funds to make political contributions or expenditures benefitting candi-
dates, political parties, and political causes.
  d.  Corporations should be accountable to their shareholders in making
political contributions or expenditures affecting Federal governance and
public policy.  Requiring the express approval of a corporation's share-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08075-01-3

S2952A - Details

Current Committee:
Law Section:
Business Corporation Law
Laws Affected:
Add §§609-a & 609-b, BC L

S2952A - Summary

Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; requires the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management.

S2952A - Sponsor Memo

S2952A - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2952--A

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and   Commissions  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee

AN ACT to amend the business corporation law, in relation  to  requiring
  the  authorization of certain political expenditures by the sharehold-
  ers and the board of directors of public corporations; and to  require
  the comptroller to annually conduct a study on the compliance with the
  requirements of this act by public corporations and their management

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the  "New  York
shareholder protection act of 2013".
  S  2.  Legislative  intent  and  purpose. The legislature hereby finds
that:
  a. Corporations make significant political contributions and  expendi-
tures  that  directly or indirectly influence the election of candidates
and support or oppose political causes. Decisions to use corporate funds
for political contributions and expenditures are usually made by  corpo-
rate boards and executives, rather than shareholders.
  b. Corporations, acting through their boards and executives, are obli-
gated  to  conduct  business for the best interests of their owners, the
shareholders.
  c. Historically, shareholders have not had a way to know, or to influ-
ence, the political activities of corporations  they  own.  Shareholders
and  the public have a right to know how corporations are spending their
funds to make political contributions or expenditures benefitting candi-
dates, political parties, and political causes.
  d. Corporations should be accountable to their shareholders in  making
political contributions or expenditures affecting Federal governance and
public policy.  Requiring the express approval of a corporation's share-

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08075-03-3

Co-Sponsors

S2952B (ACTIVE) - Details

Current Committee:
Law Section:
Business Corporation Law
Laws Affected:
Add §§609-a & 609-b, BC L

S2952B (ACTIVE) - Summary

Requires the authorization of certain political expenditures by the shareholders and the board of directors of public corporations; requires the comptroller to annually conduct a study on the compliance with the requirements of this act by public corporations and their management.

S2952B (ACTIVE) - Sponsor Memo

S2952B (ACTIVE) - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                 2952--B

                       2013-2014 Regular Sessions

                            I N  S E N A T E

                            January 25, 2013
                               ___________

Introduced  by  Sen. HOYLMAN -- read twice and ordered printed, and when
  printed to be committed to the Committee on Corporations,  Authorities
  and   Commissions  --  committee  discharged,  bill  amended,  ordered
  reprinted as amended and recommitted to said committee --  recommitted
  to  the  Committee  on  Corporations,  Authorities  and Commissions in
  accordance with Senate Rule 6, sec. 8 --  committee  discharged,  bill
  amended,  ordered reprinted as amended and recommitted to said commit-
  tee

AN ACT to amend the business corporation law, in relation  to  requiring
  the  authorization of certain political expenditures by the sharehold-
  ers and the board of directors of public corporations; and to  require
  the comptroller to annually conduct a study on the compliance with the
  requirements of this act by public corporations and their management

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. This act shall be known and may be cited as the  "New  York
shareholder protection act of 2014".
  S  2.  Legislative  intent  and  purpose. The legislature hereby finds
that:
  a. Corporations make significant political contributions and  expendi-
tures  that  directly or indirectly influence the election of candidates
and support or oppose political causes. Decisions to use corporate funds
for political contributions and expenditures are usually made by  corpo-
rate boards and executives, rather than shareholders.
  b. Corporations, acting through their boards and executives, are obli-
gated  to  conduct  business for the best interests of their owners, the
shareholders.
  c. Historically, shareholders have not had a way to know, or to influ-
ence, the political activities of corporations  they  own.  Shareholders
and  the public have a right to know how corporations are spending their

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD08075-04-4

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