Bill Sponsors: IL HB3394 | 2019-2020 | 101st General Assembly
Bill Title: Amends the Business Corporation Act of 1983. Provides that corporations shall report to the Secretary of State: (1) whether the corporation is a publicly held domestic or foreign corporation with its principal executive office located in Illinois; (2) data on specific qualifications, skills, and experience that the corporation considers for its board of directors, nominees for the board of directors, and executive officers; (3) whether each member of the corporation's board of directors self-identifies as a minority person and, if so, which race or ethnicity to which the member belongs; and (4) other information. Requires the Secretary to State to make the information public. Requires the University of Illinois System to review the reported information and publish on its website a report that provides aggregate data on the demographic characteristics of the boards of directors and executive officers of corporations filing an annual report for the preceding year along with an individualized rating for each corporation. Requires the establishment of a rating system assessing the representation of women and minorities on corporate boards. Provides that the report shall also identify strategies for promoting diversity and inclusion among boards of directors and corporate executive officers. Effective immediately.
Spectrum: Partisan Bill (Democrat 29-0)
Status: (Passed) 2019-08-28 - Added Co-Sponsor Rep. Nicholas K. Smith [HB3394 Detail]
Text: Latest bill text (Chaptered) [HTML]
Spectrum: Partisan Bill (Democrat 29-0)
Status: (Passed) 2019-08-28 - Added Co-Sponsor Rep. Nicholas K. Smith [HB3394 Detail]
Text: Latest bill text (Chaptered) [HTML]
