New York Gov. Cuomo signed a bill that requires the Department of State, in collaboration with the Department of Taxation & 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 the state of New York. The study - which is to be based on information provided by companies pursuant to an amendment to Section 408 of the Business Corporation Law and any other available information the Department of State deems relevant - is required to include:
- The number of women directors and the total number of directors that constitute each company's board
- An analysis of the change in number of women directors from previous years
- The aggregate percentage of women directors on all such boards of directors
The amendment to Section 408 of the Business Corporation Law will require companies to include in their Secretary of State filing their board size and the number of women directors.
A report on the findings is required to be published by February 1, 2022, and every four years thereafter, and will be posted on the Department of State's website.
See Cuomo's release; this article from Ithaca.com; our recent reports: "Surprise! Board Gender Quota Law Increases Diversity," "Wall Street Journal Interviews State Street CEO," "House Passes Board/Exec Officer Diversity Disclosure Bill," "Illinois Law Requires Extensive Board & Management Diversity Reporting," "Financial Services Committee Focuses on Big Bank Diversity," and "Board Diversity Bills Pass House Financial Services Committee"; and additional information & resources on our Board Diversity page. This post first appeared in the weekly Society Alert!