CHICAGO (AP) — A proposal aimed at improving the representation of women and minorities on corporate boards in Illinois has been signed into law.
Publicly-traded companies must now report the demographics of their boards and plans for promoting diversity to the Illinois Secretary of State’s Office annually. The University of Illinois will study the data and publish a yearly report starting in 2021.
Gov. J.B. Pritzker signed the law Tuesday.
Critics say the bill doesn’t go far enough. It was pared back from a previous version requiring companies to have diverse boards.
Pritzker says the bill still advances the cause because information is needed to assess companies. The billionaire Chicago businessman says “shining a light” on the issue is important and that can’t happen without data.
The bill is HB3394