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Key Votes

HB 3394 - Requires Women and African Americans on Corporate Boards - Illinois Key Vote

Tom Weber voted Nay (Passage) on this Legislation.

Read statements Tom Weber made in this general time period.

Timeline

Issues Related to HB 3394

Stage Details

Legislation - Bill Passed (Senate) (38-16) - (Key vote)
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Title: Requires Women and African Americans on Corporate Boards

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that requires women and African Americans to hold seats on corporate boards.

Highlights:
  • Requires publicly held domestic or foreign corporation primarily located in Illinois, to have at least 1 female director and 1 African American director on its board of directors, no later than December 31, 2020 (Sec. 8).

  • Requires the Secretary of State to publish an online report showing the number of domestic and foreign corporations primarily located in Illinois, that have at least 1 female director and 1 African American director, no later than July 1, 2020 (Sec. 8).

  • Requires the Secretary of State to annually, beginning March 1, 2021, publish an online report documenting, at a minimum, the following (Sec. 8):

    • The number of corporations subject to this bill that were in compliance with the requirements of this bill during at least one point of the prior calendar year;

    • The number of publicly held corporations that moved their US headquarters to Illinois from another state or out of Illinoise into another state during the prior calendar year; and

    • The number of publicly held corporations that were subject to this bill during the prior year, but are no longer publicly traded.

  • Authorizes the Secretary to adopt rules to implement this bill and impose penalties for violations, as follows (Sec. 8):

    • For the first time failure to timely file board member information, a $100,000 fine; and

    • For second or subsequent violations, a $300,000 fine.

  • Defines “publicly head corporation’ as a corporation with outstanding shares listed on a major US stock exchange (Sec. 8).

Legislation - Bill Passed (House) (61-27) - (Key vote)
See How Your Politicians Voted

Title: Requires Women and African Americans on Corporate Boards

Vote Result
Yea Votes
Nay Votes
Vote Smart's Synopsis:

Vote to pass a bill that requires women and African Americans to hold seats on corporate boards.

Highlights:
  • Requires publicly held domestic or foreign corporation primarily located in Illinois, to have at least 1 female director and 1 African American director on its board of directors, no later than December 31, 2020 (Sec. 8).

  • Requires the Secretary of State to publish an online report showing the number of domestic and foreign corporations primarily located in Illinois, that have at least 1 female director and 1 African American director, no later than July 1, 2020 (Sec. 8).

  • Requires the Secretary of State to annually, beginning March 1, 2021, publish an online report documenting, at a minimum, the following (Sec. 8):

    • The number of corporations subject to this bill that were in compliance with the requirements of this bill during at least one point of the prior calendar year;

    • The number of publicly held corporations that moved their US headquarters to Illinois from another state or out of Illinoise into another state during the prior calendar year; and

    • The number of publicly held corporations that were subject to this bill during the prior year, but are no longer publicly traded.

  • Authorizes the Secretary to adopt rules to implement this bill and impose penalties for violations, as follows (Sec. 8):

    • For the first time failure to timely file board member information, a $100,000 fine; and

    • For second or subsequent violations, a $300,000 fine.

  • Defines “publicly head corporation’ as a corporation with outstanding shares listed on a major US stock exchange (Sec. 8).

Legislation - Introduced (House) -

Title: Requires Women and African Americans on Corporate Boards

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