101ST GENERAL ASSEMBLY
State of Illinois
2019 and 2020
Introduced 2/14/2020, by Sen. Celina Villanueva
SYNOPSIS AS INTRODUCED:
Amends the Business Corporation Act of 1983. Provides that by December
31, 2021, a publicly held domestic corporation or foreign corporation whose
principal executive office is located in Illinois to have a specified
minimum number of female directors. Contains provisions regarding reports,
fines, and other matters. Provides for regulation by the Secretary of
State. Effective immediately.
|FISCAL NOTE ACT MAY APPLY|
A BILL FOR
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AN ACT concerning business.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
The Business Corporation Act of 1983 is amended
by adding Section 8.13 as follows:
(805 ILCS 5/8.13 new)
Female directors required.
(a) No later than December 31, 2021, a publicly held
domestic corporation or foreign corporation whose principal
executive offices, according to the corporation's SEC 10-K
form, are located in Illinois shall have a minimum of one
female director on its board. A corporation may increase the
number of directors on its board to comply with this Section.
(b) No later than the close of the 2023 calendar year, a
publicly held domestic corporation or foreign corporation
whose principal executive offices, according to the
corporation's SEC 10-K form, are located in Illinois shall
comply with the following:
(1) If its number of directors is 6 or more, the
corporation shall have a minimum of 3 female directors.
(2) If its number of directors is 5, the corporation
shall have a minimum of 2 female directors.
(3) If its number of directors is 4 or fewer, the