Update at 4:07 p.m. - the legislation passed the General Assembly unanimously, with the understanding that this is only the beginning of bringing real tax reform to New Jersey's companies.
This afternoon, the General Assembly will vote on a package of common-sense updates to New Jersey's corporate governance requirements. CIANJ submitted testimony in favor of the package last week and looks forward to an overwhelming majority of YES votes today. The changes include,
-- Allowing corporate notices to directors and shareholders to be sent electronically.
-- Eliminating a rule requiring at least 10-days' notice to shareholders about items that could be voted on.
-- Simplifying rules involving the resignation of corporate directors.
-- Providing speedier options for businesses filing with the state Division of Commercial Recordings.
-- Giving corporations more flexibility to adopt alternative voting methods to select directors.
-- Expanding the types of foreign business entities allowed to merge with corporations in the state.
-- Give corporations more flexibility to award stock grants instead of stock options to executives.
We will post the final vote tally later today. The changes have already been successfully implemented in Delaware, improving the state's business climate. Assuming passage today, the package would be sent to the Senate and could be considered as early as next week.
