This bill proposes to amend the Arizona Revised Statutes by adding a new section that requires publicly traded corporations, including those traded on foreign exchanges and those with significant ownership by publicly traded entities, to file an annual statement with the commission. The statement must be submitted within thirty days after the tax return deadline or within ninety days after filing a federal tax return if no state tax return is required. The statement will include detailed information about the corporation, its ownership, financial data, and other relevant disclosures, which are intended to enhance transparency and accountability.

Additionally, the bill establishes that these statements will be public records, accessible through a searchable database on the commission's website. It mandates that the chief operating officer of the corporation attest to the accuracy of the statements, which will be subject to audits by the department of revenue. The commission is also tasked with developing an oversight and penalty system for non-compliance, ensuring that corporations provide timely and accurate disclosures. The bill further clarifies definitions related to corporations and what constitutes "doing business" in the state, thereby updating the legal framework governing corporate reporting in Arizona.

Statutes affected:
Introduced Version: 10-131