Illinois governor could soon consider watered-down corporate diversity bill

Gov. J.B. Pritzker could soon consider a bill designed to encourage diversity on the corporate boards of publicly traded companies, but the version that lawmakers approved was stripped of diversity requirements and six-figure penalties for noncompliance.

House Bill 3394 would require any company headquartered in Illinois that is traded on a major exchange to report the race and gender of its board members to the Secretary of State’s Office, which would then give the information to the University of Illinois to compile.

State Sen. Chris Belt, D-Cahokia, said last month that the measure would shine a light on the lack of diversity in corporate leadership in Illinois.

“Lack of diversity at the top often results in bad business decision-making,” Belt said. “By encouraging minority representation on corporate boards we are not only securing opportunities for minorities, but also promoting better business.”

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