NY State Senate Bill S4278

Archive: Last Bill Status - Signed by Governor

Introduced
In Committee
On Floor Calendar
- Passed Senate
- Passed Assembly
Delivered to Governor
Signed by Governor

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Actions

view actions (14)

	Assembly Actions - Lowercase Senate Actions - UPPERCASE
Dec 30, 2019	approval memo.93 signed chap.747
Dec 20, 2019	delivered to governor
Jun 20, 2019	returned to senate passed assembly ordered to third reading cal.424 substituted for a6330
Jun 13, 2019	referred to ways and means delivered to assembly passed senate
May 22, 2019	advanced to third reading
May 21, 2019	2nd report cal.
May 20, 2019	1st report cal.778
Mar 06, 2019	referred to corporations, authorities and commissions

Votes

view votes

Jun 13, 2019 - floor Vote

S4278

floor

Aye

Nay

Absent

Excused

Abstained

May 20, 2019 - Corporations, Authorities and Commissions committee Vote

S4278

committee

Aye

Nay

Aye with Reservations

Absent

Excused

Abstained

Co-Sponsors

S4278 (ACTIVE) - Details

See Assembly Version of this Bill:: A6330
Law Section:: Business Corporation Law
Laws Affected:: Amd §408, BC L

S4278 (ACTIVE) - Summary

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.

S4278 (ACTIVE) - Sponsor Memo

 
BILL NUMBER: S4278

SPONSOR: KRUEGER
 
TITLE OF BILL:  An act to amend the business corporation law, in
relation to enacting the "women on corporate boards study"

 
PURPOSE OR GENERAL IDEA OF BILL:

To determine the number of women who serve on board of directors of
domestic and foreign corporations authorized to do business in New York
State.

 
SUMMARY OF PROVISIONS:

This legislation shall be known as the The Women on Corporate Board
Study Act.

Amends the Business Corporation Law Section 408, Subdivision 1 to
include the requirement in a corporation's filing statement (d) The
number of directors constituting the board and how many directors of
such board are women.

The Departments of State and Taxation & Finance shall conduct a study on
the number of women directors who serve on corporations who are author-
ized to do business in the state of New York.

The study shall include the number of women directors, total number of
directors that constitute boards of directors, analysis of the change in
number of women directors from previous years, and the aggregate
percentage of women directors on all boards.

On or before February 1, 2022, the Department of State shall publish a
report of such study and post it on its website.

Thereafter, on or before February 1, of every fourth year, a new report
will be prepared and published.

Copies of the report shall be furnished to the Governor, the Temporary
President of the Senate, and the Speaker of the Assembly.

 
DIFFERENCE BETWEEN ORIGINAL AND AMENDED VERSION (IF APPLICABLE):

Non-applicable

 
JUSTIFICATION:

Nearly 53% of the residents of NYS are women, but this is not reflected
in our Corporate Board rooms. New York State is one of the largest econ-
omies in the world and as such, sets an example for responsible busi-
nesses globally. We must ensure that women are included in the
discussions and decisions that affect corporate actions and profitabil-
ity. This legislation will provide for a study to identify the number of
women presently sitting on corporate boards, require corporations to
prepare an annual report of actions taken to promote gender diversity on
their boards and future action plans.

This is a proactive approach to address historical inequality and end
discriminatory practices.

 
PRIOR LEGISLATIVE HISTORY:

New legislation

 
FISCAL IMPLICATIONS FOR STATE AND LOCAL GOVERNMENTS:

None

 
EFFECTIVE DATE:
On the thirtieth day after it shall become law

S4278 (ACTIVE) - Bill Text download pdf


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

    S. 4278                                                  A. 6330

                       2019-2020 Regular Sessions

                      S E N A T E - A S S E M B L Y

                              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:

  Section 1. Short title. This act shall be known and may  be  cited  as
the "women on corporate boards study".
  §  2.  Women  directors  on corporate boards report. The department of
state, in collaboration with the department  of  taxation  and  finance,
shall 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 this state. The study shall include but not
be limited to: the number of women directors and  the  total  number  of
directors  that constitute the board of each corporation; an analysis of
the change in number of women directors from  previous  years;  and  the
aggregate percentage of women directors on all such boards of directors.
In  conducting  the  study the department of state shall use information
provided in the statement filed pursuant to  subdivisions  1  and  8  of
section  408  of  the  business  corporation law and any other available
information the department of state deems relevant. On or before  Febru-
ary 1, 2022, and on or before February first of every fourth year there-
after, the department of state shall publish a report on the findings of
such  study and post such report on the department of state's website. A
copy of the report shall be furnished to  the  governor,  the  temporary
president  of  the  senate  and  the  speaker of the assembly. The terms
"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

this  act  shall  have the same meaning as defined in section 102 of the
business corporation law.
  §  3. Subdivision 1 of section 408 of the business corporation law, as
amended by section 3 of part S of chapter 59 of the  laws  of  2015,  is
amended to read as follows:
  1.  Except as provided in paragraph eight of this section, each domes-
tic corporation, and each foreign corporation authorized to do  business
in  this state, shall, during the applicable filing period as determined
by subdivision three of this section, file a statement setting forth:
  (a) The name and business address of its chief executive officer.
  (b) The street address of its principal executive office.
  (c) The post office address within or without this state to which  the
secretary  of  state  shall mail a copy of any process against it served
upon him or her. Such address shall supersede any  previous  address  on
file with the department of state for this purpose.
  (D) THE NUMBER OF DIRECTORS CONSTITUTING THE BOARD AND HOW MANY DIREC-
TORS OF SUCH BOARD ARE WOMEN.
  §  4.  This  act shall take effect on the thirtieth day after it shall
have become a law.

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The New York State Senate

senate Bill S4278

Sponsored By

Archive: Last Bill Status - Signed by Governor

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Votes

Jun 13, 2019 - floor Vote

Floor Vote: Jun 13, 2019

May 20, 2019 - Corporations, Authorities and Commissions committee Vote

Corporations, Authorities and Commissions Committee Vote: May 20, 2019

Co-Sponsors

S4278 (ACTIVE) - Details

S4278 (ACTIVE) - Summary

S4278 (ACTIVE) - Sponsor Memo

S4278 (ACTIVE) - Bill Text download pdf

Comments

senate Bill S4278

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Sponsored By

Liz Krueger

Archive: Last Bill Status - Signed by Governor

Your Voice

Actions

Votes

Jun 13, 2019 - floor Vote

Floor Vote: Jun 13, 2019

May 20, 2019 - Corporations, Authorities and Commissions committee Vote

Corporations, Authorities and Commissions Committee Vote: May 20, 2019

Co-Sponsors

Anna M. Kaplan

John C. Liu

S4278 (ACTIVE) - Details

S4278 (ACTIVE) - Summary

S4278 (ACTIVE) - Sponsor Memo

S4278 (ACTIVE) - Bill Text download pdf

Comments