senate Bill S2916

2023-2024 Legislative Session

Provides for 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

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Actions

view actions (1)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 25, 2023 referred to corporations, authorities and commissions

S2916 (ACTIVE) - Details

Current Committee:
Senate Corporations, Authorities And Commissions
Law Section:
Business Corporation Law
Laws Affected:
Add §702-a, amd §1319, BC L
Versions Introduced in Other Legislative Sessions:
2019-2020: S4011
2021-2022: S4831

S2916 (ACTIVE) - Summary

Provides for 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, 2024 and sets higher requirements to be implemented no later than December 31, 2027; 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.

S2916 (ACTIVE) - Sponsor Memo

S2916 (ACTIVE) - Bill Text download pdf

 
                     S T A T E   O F   N E W   Y O R K
 ________________________________________________________________________
 
                                   2916
 
                        2023-2024 Regular Sessions
 
                             I N  S E N A T E
 
                             January 25, 2023
                                ___________
 
 Introduced  by  Sen.  CLEARE -- 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, 2024, 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.
                                                            LBD07488-01-3
 S. 2916                             2
 

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