|Assembly Actions - Lowercase
Senate Actions - UPPERCASE
|Jan 25, 2023||referred to corporations, authorities and commissions|
senate Bill S2916
Current Bill Status - In Senate Committee Corporations, Authorities And Commissions Committee
- In Committee
- On Floor Calendar
- Passed Senate
- Passed Assembly
- Delivered to Governor
- Signed/Vetoed by Governor
S2916 (ACTIVE) - Details
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
BILL NUMBER: S2916 SPONSOR: CLEARE PURPOSE: The bill will study the appropriateness of Hudson Valley counties' placement in the school aid formula regional cost index. SUMMARY OF PROVISIONS: Section one of the bill directs the commissioner of education and the commissioner of labor to study the appropriateness of county placement in the regional cost index used for the school aid formula. Section two of the bill requires the report of findings and recommenda- tions shall be delivered to the Governor, Temporary President of the Senate and Speaker of the Assembly on or before March 1, 2022. Section three of the bill relates to the effective date. JUSTIFICATION:
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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