HB723:

Electric cooperatives; elections for board of directors, access to meetings, required disclosures.

Bill Summary:

Electric cooperatives; board of directors; access
to meetings; required disclosures. Requires that each Virginia
electric cooperative hold direct elections for its board of directors,
either in person or by mail, or by electronic communication means
if authorized by its articles of incorporation, and prohibits proxy
voting. The bill requires that meetings of the board of directors
be open to members of the cooperative, viewable both in person and
through online streaming, and that recordings of the meetings be
posted on an official website for viewing by members of the cooperative,
with certain exceptions for confidential matters.

The
bill also requires the board of directors of an electric cooperative
to make certain disclosures to its members annually. These disclosures
must include the cooperative's position on legislative and regulatory
issues, the amount of money spent on lobbying by the cooperative,
and the names of lobbying organizations that the cooperative supports
and be posted online or distributed through a member publication.