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NYS Biennial Statement change for corporations

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Submitted by UCS on February 21, 2020

Effective as of June 27, 2020, Section 408 of New York’s Business Corporation Law (“Section 408”) will require that each corporation authorized to do business in New York file a Biennial Statement with the New York Department of State disclosing the total number of directors and the total number of female directors on its board.

The study prepared from this data and the Department of State’s published report required by the Act will include:

  • The number of women directors
  • The total number of directors that constitute the board of each corporation
  • An analysis of the change in board gender composition from prior years
  • The aggregate percentage of women directors on all boards of directors

More to come regarding this change.