IL HB3394

Requires publicly held domestic and foreign corporations with principal executive offices in Illinois to report demographic data on board members and executive officers to the Secretary of State, effective January 1, 2021.

Corporations must disclose the self-identified gender of each board member and whether each member self-identifies as a minority person (including specific racial and ethnic categories: American Indian/Alaska Native, Asian, Black/African American, Hispanic/Latino, and Native Hawaiian/Pacific Islander).

Corporations must describe their processes for identifying and evaluating board nominees and executive officers, including whether demographic diversity is considered in these processes.

Corporations must describe their policies and practices for promoting diversity, equity, and inclusion among board members and executive officers.

The University of Illinois System shall publish annual reports beginning March 1, 2021, providing aggregate demographic data and individualized ratings for each corporation based on representation of women and minorities on boards and in executive positions.