Krueger is pushing Bill to require that women comprise 30% of all corporate boards

Bill delivered to Governor before days before Christmas — but Heastie, Stewart-Cousins are expected to make amendments that include a 30% requirement for minorities.

Albany – Today, State Senator Liz Krueger and Assembly Member Rebecca Seawright were joined by members of the Thirty Percent Coalition in releasing letters urging the Governor to sign S.4278/A.6330, the Women On Corporate Boards Study Bill. The bill passed the Legislature in June and was delivered to the Governor today. The letters can be viewed below, and are also available here and here.

“Women’s lack of representation in the board room is a persistent problem that has far-reaching implications for employees and consumers,” said Senator Krueger. “Among other things, data shows that companies with less than three women on their board perform worse financially. New York is home to some of the world’s largest and most influential corporations, so what we do here reverberates far beyond our borders. This bill takes an important step toward getting the information we need to bring this problem into the light. I urge the Governor to sign it, and keep New York at the forefront of the fight for diversity and inclusion.”

“New York State is one of the largest economies in the world and as such, sets a global example for corporate responsibility,” said Assembly Member Seawright. “In taking a proactive approach, corporations will identify where they are lacking in diversity. This is a major step forward to ensuring that women have a voice in the discussions and decisions that will affect corporate actions and profitability.”

The Women On Corporate Boards Study Bill would require corporations to include in their filing statements the number of directors on their board and how many of those are women. The bill further requires the Department of State and the Department of Taxation and Finance to complete a study, updated every four years, on the state of representation of women on corporate boards and trends over time.

The Legislators were joined in their advocacy by the Thirty Percent Coalition, a national organization advocating for increased gender diversity, including women of color, on the boards of both publicly and privately held companies. Coalition members include public companies, private equity, professional services firms, and many major women’s organizations and advocacy groups. The Coalition also includes a significant group of Institutional Investors, including both asset managers and owners. In 2019, total membership represents over $6 trillion in assets under management.

November 22, 2019

The Honorable Andrew M. Cuomo
Governor of New York State
NYS State Capitol Building
Albany, NY 12224

Dear Governor Cuomo,

Senate Bill 4278 and Assembly Bill 6330, known as “The Women on Corporate Boards Study Act,” seeks to determine the number of women who serve as directors on boards of domestic and foreign corporations that are authorized to do business in New York State.

New York State is one of the largest economies in the world, and as such, sets an example for responsible businesses globally. Nearly 53 percent of our residents are women. Unfortunately, the representation of women is not adequately reflected in our corporate boardrooms.

The legislation will provide for a study every four years to identify the number of women presently sitting on corporate boards. The study shall include the number of women directors, the total number of directors that constitute boards of directors, an analysis of the change in the number of women directors from previous years, and the aggregate percentage of women directors on all boards.

The law will also require corporations to prepare an annual report describing actions taken to promote gender diversity on their boards and future action plans.

We must ensure that women are included in the discussions and decisions that affect corporate actions and profitability. We request your support for this important measure.

Very truly yours,

Senator Liz Krueger
Assembly Member Rebecca Seawright