Illinois Proposes Law Requiring Gender and Racial Diversity on Boards of Corporations Whose Principal Executive Offices are in Illinois

Illinois is the first state in the nation to propose a law that would require publicly traded corporations to include on their boards at least one female, one African American and one Latino director. The proposed law would solely apply to those publicly traded corporations whose principal executive offices are located in Illinois.

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The Illinois House of Representatives (“House”) on March 29, 2019 passed a bill (“House bill”) that would impose gender and racial diversity requirements on boards of directors of publicly traded corporations whose principal executive offices are located in Illinois, irrespective…