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State Legislative Updates

New York Requires Study on the Number of Women on Corporate Boards of Domestic and Qualified Foreign Corporations

New York — Senate Bill 4278/Assembly Bill 6330, enacted the “Women on Corporate Boards Study” law. This law, which is effective June 27, 2020, requires the New York Department of State and 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.

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 biennial statement filed pursuant to Section 408 of the Business Corporation Law and any other available information the Department of State deems relevant.

Section 408 of the Business Corporation Law was amended to provide that the information each domestic and foreign corporation authorized to do business in New York must set forth in their biennial statement must include the number of directors constituting the board and how many directors of such board are women.

Governor Cuomo upon signing the legislation stated "… our work won't be done until women are better represented at the highest levels of organizations. This new study will help shed light on the problem and guide the development of new policies to ensure more women have a seat at the proverbial table."

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