Bill Limiting Corporate Executive Exemptions Goes to Governor

The California Assembly gave final approval to a bill that would require officers and directors to own at least 15% of the issued and outstanding stock in a corporation to opt out of workers’ compensation coverage. On Monday, the Assembly voted 77-0 to approve recent amendments made to AB 2883, by Assemblyman Tom Daly, D-Anaheim.  Daly amended the bill on June 13 to add the language requiring a corporate officer to own at least 15% of the company to be excluded from the definition of “employee.” Officers have to sign a waiver of rights to workers’ compen...