Signed by Governor JB Pritzker

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).

Full Bill Text

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).

Full Bill Text