Making updates to Washington's corporation acts.

SB 5006 updates Washington State's corporation laws by clarifying rules for corporate equity awards and board committees. It specifies that boards of directors can set restrictions on who may exercise stock options or warrants (e.g., preventing certain shareholders from acquiring shares) and prohibits officers from self-designating for equity awards. The bill also refines how board committees operate, requiring board approval for their creation, limiting committees from approving distributions or filling board vacancies, and adding rules for alternate committee members. These changes directly affect corporations operating under Washington law, their boards, and officers managing corporate governance. The bill became law on April 4, 2025, and takes effect July 27, 2025.