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Who cares
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Sponsors
No co-sponsors yet.
History
- Referred to finance
- Referred to finance
Companion bill
The same bill in the other chamber. A bill becomes law when one version passes both houses and the governor signs it, so either number can carry it.
Relates to requiring that bidders and all others seeking state contracts disclose their percentage and number of female executives and board members
In Assembly Committee · Governmental Operations · Sponsor Linda Rosenthal
Full text
The text isn't available here yet. Check nysenate.gov.
Sponsor's memo
BILL NUMBER:S5709
Title of bill
An act to amend the state finance law, in relation to requiring that bidders and all others seeking state contracts disclose their percentage and number of female executives and board members
Purpose
To encourage gender diversity among leadership at companies who seek and/or receive government contracts.
Summary of provisions
Section one sets forth the legislative intent.
Section two amends the state finance law by adding a new section 148.
Section three sets forth the effective date.
Justification
Numerous articles, studies and reports have detailed the benefits that gender diversity brings to a company. Currently, in New York State, the average board of directors has a total of eleven sears, with an average of two seats filled by women. Only 11 percent of all executive positions are held by women.
There is a growing body of evidence that suggests that companies perform better when their corporate boards and executive leadership are strongly represented by women. Businesses seeking board diversity generally notice improved financial value, more effective corporate governance and more loyalty among employees.
The State has a vested interest in ensuring that companies who receive public funds and contracts are encouraged to actively, pursue gender diversity among leadership positions within their company, therefore benefitting the state and allowing for a greater return on the state's investment. This bill would require all companies doing business with the State to disclose information of the percentage and number of women employees serving on corporate boards and in executive positions.
Legislative history
New bill.
Fiscal implications
None to state
Effective date
This bill shall take effect immediately.
Summaries, headlines and scores are AI-generated from the official bill text. How we score bills. Source: NYS Open Legislation.