IL SB3508

Requires publicly held domestic and foreign corporations with principal executive offices in Illinois to have a minimum of one female director by December 31, 2021.

By the end of 2023, corporations must meet tiered requirements: minimum 3 female directors if board has 6+ members, 2 if board has 5 members, and 1 if board has 4 or fewer members.

Secretary of State must publish annual reports starting July 1, 2022, documenting the number of Illinois-based corporations with at least one female director.

Civil penalties for violations include $100,000 for failure to file board member information or first violation, and $300,000 for subsequent violations; each unfilled required female director seat counts as a separate violation.

Defines "female" as an individual who self-identifies as a woman and "publicly held corporation" as one with outstanding shares listed on a major United States stock exchange.