The governor of Illinois signed a bill into law Tuesday that “works to increase diverse voices on corporate boards across the state.” The law requires “publicly-traded companies headquartered in Illinois to submit an annual report to the Secretary of State’s Office” regarding the representation of women and minorities on their corporate boards.
The law requires these companies to provide certain information in an annual report to the Secretary of State. In particular, it requires these companies to state “whether each member of its board of directors self-identifies as a minority person and, if so, which race or ethnicity to which the member belongs.” It contains a similar provision for gender identity as well. It also requires these companies to describe their “policies and practices for promoting diversity, equity, and inclusion among its board of directors and executive officers.”
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