Governor Cuomo Signs Legislation Enacting The ‘women On Corporate Boards Study’


Legislation Requires NYS Department of State and Department of Taxation and Finance to Conduct A Study on the Number of Women on Corporate Boards Authorized to Do Business In New York.

Governor Andrew M. Cuomo today signed legislation requiring the New York State 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 and foreign corporations authorized to do business in New York.

This legislation will take effect in 180 days.

"From new pay equity laws to strongest-in-the-nation sexual harassment policies, New York is leading the fight for gender equality in the workplace - but our work won't be done until women are better represented at the highest levels of organizations," Governor Cuomo said. "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."

This legislation will require that the study include the number of women directors, total number of directors that constitute boards of directors, analysis of the change in number of women directors from previous years and the aggregate percentage of women directors on all board. The study will be published no later than February 1, 2022.

Senator Liz Krueger said, "Women's lack of representation in the board room is a persistent problem that has far-reaching implications for employees and consumers. 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 thank the Governor for signing it today, and keeping New York at the forefront of the fight for diversity and inclusion."

Assemblywoman Rebecca A. Seawright said, "New York State is one of the largest economies in the world and as such, sets a global example for corporate responsibility. In a proactive approach, corporations will identify where they are lacking in diversity. Now, thanks to Governor Cuomo's support, New York is taking a major step forward to ensure that women have a voice in the discussions and decisions that will affect corporate actions and profitability"

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...we find that banks with more gender diversity on their board perform better once the composition of these boards reaches a critical level of gender diversity, corresponding to a board female share of around 13-17 percent.

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