New York mandates study of women on boards
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New York State will study the number of women serving on boards of directors of domestic and foreign corporations authorized to do business in the state under legislation (S 4278) signed by the governor on Dec. 30, 2019. The study aims to shed light on the issue of underrepresentation of women at the highest level of organizations and “guide the development of new policies to ensure more women have a seat at the proverbial table,” the governor said. Corporations doing business in New York must file a statement providing the number of directors on their board and noting how many are women.
Conducted by the New York State Department of State and Department of Taxation and Finance, the study must include:
- The number of women directors and total number of directors on every corporate board
- An analysis of the change in the number of women directors from previous years
- The aggregate percentage of women directors on all boards
- The legislation takes effect on June 28, 2020. The study must be published by Feb. 1, 2022, and a new report published every four years.