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HI HB2179

Bill

Status

Introduced

1/24/2024

Primary Sponsor

Amy Perruso

Click for details

Origin

House of Representatives

2024 Regular Session

AI Summary

  • Requires publicly held domestic corporations with principal executive offices in Hawaii to have gender-diverse boards of directors, with compliance deadline of December 31, 2025.

  • Establishes minimum gender representation requirements effective December 31, 2027: at least three male or non-binary directors and three female or non-binary directors (with reduced minimums for smaller boards: two of each for five-director boards, one of each for boards with four or fewer directors).

  • Requires corporations to report compliance to the Department of Commerce and Consumer Affairs, with the department publishing reports beginning July 1, 2028, and annually thereafter documenting compliance numbers.

  • Imposes administrative fines of $500 for first violation and $1,000 for subsequent violations within ten years for failure to file required information; fines of $1,000 for first violation and $5,000 for subsequent violations within ten years for failure to comply with gender representation requirements (each non-compliant director seat counts as a separate violation).

  • Authorizes the Department of Commerce and Consumer Affairs director to adopt rules to implement the requirements under chapter 91 of Hawaii Revised Statutes.

Legislative Description

Relating To Equitable Gender Representation On Corporate Boards.

Penalties

Last Action

Referred to CPC, JHA, referral sheet 2

1/24/2024

Committee Referrals

Consumer Protection & Commerce1/24/2024

Full Bill Text

No bill text available