HB 3394: Illinois Requires Board Diversity Disclosures

August 27, 2019

Summary

Enacted in August 2019, HB 3394 amended the Business Corporation Act of 1983. By January 1, 2021 at the latest, HB 3394 requires publicly held companies (domestic and foreign) whose principal executive office is located in Illinois to begin including diversity information for board of director members in their annual reports submitted to the Illinois Secretary of State.

Specifically, companies must report the following data: qualifications, skills, and experience that the company considers for its board members or executive officers; gender and minority status (race and ethnicity) of each board member; the company's process for evaluating board nominees and executive officer appointees, including any consideration of demographic diversity; and the company's policies to promote diversity, equity, and inclusion (DEI) among its board and executive officers.

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