senate Bill S4011

2019-2020 Legislative Session

Relates to the number of female directors required to serve on the board of directors of certain publicly traded corporations

download bill text pdf

Sponsored By

Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee


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

Your Voice

do you support this bill?

Please enter your contact information

Home address is used to determine the senate district in which you reside. Your support or opposition to this bill is then shared immediately with the senator who represents you.

Optional services from the NY State Senate:

Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.

Include a custom message for your Senator? (Optional)

Enter a message to your senator. Many New Yorkers use this to share the reasoning behind their support or opposition to the bill. Others might share a personal anecdote about how the bill would affect them or people they care about.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 08, 2020 referred to corporations, authorities and commissions
Feb 25, 2019 referred to corporations, authorities and commissions

S4011 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Add §702-a, amd §1319, BC L

S4011 (ACTIVE) - Summary

Relates to the number of female directors required to serve on the board of directors of publicly traded domestic and authorized foreign corporations whose principal executive office according to the corporation's Form 10-K filed with the Securities and Exchange Commission is located within New York state; requires any such corporation to have a minimum of one female director on its board no later than December 31, 2020 and sets higher requirements to be implemented no later than December 31, 2023; requires corporations to report certain compliance information to the secretary of state and the secretary of state to disclose certain related information to the public via its website.

S4011 (ACTIVE) - Sponsor Memo

S4011 (ACTIVE) - Bill Text download pdf


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

                                  4011

                       2019-2020 Regular Sessions

                            I N  S E N A T E

                            February 25, 2019
                               ___________

Introduced  by Sen. CARLUCCI -- 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 the number
  of female directors required to serve on the  board  of  directors  of
  certain publicly held corporations

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

  Section 1. The business corporation law is amended  by  adding  a  new
section 702-a to read as follows:
§ 702-A. APPOINTMENT OF FEMALE DIRECTORS.
  (A)  DEFINITIONS.  FOR  PURPOSES  OF THIS SECTION, THE FOLLOWING TERMS
SHALL HAVE THE FOLLOWING MEANINGS:
  (1) "FEMALE" MEANS AN INDIVIDUAL WHO SELF-IDENTIFIES HER GENDER  AS  A
WOMAN, WITHOUT REGARD TO THE INDIVIDUAL'S DESIGNATED SEX AT BIRTH.
  (2)  "PRINCIPAL EXECUTIVE OFFICE" MEANS THE PRINCIPAL EXECUTIVE OFFICE
ACCORDING TO THE CORPORATION'S FORM 10-K FILED WITH THE  SECURITIES  AND
EXCHANGE COMMISSION.
  (3)  "PUBLICLY  HELD DOMESTIC OR FOREIGN CORPORATION" MEANS A DOMESTIC
CORPORATION OR AN AUTHORIZED FOREIGN  CORPORATION,  AS  SUCH  TERMS  ARE
DEFINED  IN  SUBPARAGRAPHS  (A)  (4)  AND  (A) (7) OF SECTION 102 (DEFI-
NITIONS), RESPECTIVELY, WITH OUTSTANDING SHARES  LISTED  ON  A  NATIONAL
SECURITIES EXCHANGE.
  (B)(1)  NO  LATER  THAN DECEMBER 31, 2020, A PUBLICLY HELD DOMESTIC OR
FOREIGN CORPORATION WHOSE PRINCIPAL EXECUTIVE OFFICE IS  LOCATED  WITHIN
THIS  STATE  SHALL HAVE A MINIMUM OF ONE FEMALE DIRECTOR ON ITS BOARD. A
CORPORATION SUBJECT TO THIS SECTION MAY INCREASE THE NUMBER OF DIRECTORS
ON ITS BOARD, PURSUANT TO SECTION 702 (NUMBER OF DIRECTORS),  TO  COMPLY
WITH THIS SECTION.

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD10051-01-9

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.