IL HB3720

Amends the Business Corporation Act of 1983 to require publicly held corporations with principal executive offices in Illinois to report demographic data on board members and executive officers to the Secretary of State, starting no later than January 1, 2021.

Requires corporations to report self-identified gender, race/ethnicity, sexual orientation, and gender identity of each board director, along with descriptions of their diversity policies and nomination processes.

Mandates reporting of the percentage of procurement spending with minority-owned, women-owned, and disability-owned business enterprises as defined in the Business Enterprise for Minorities, Women, and Persons with Disabilities Act.

Requires the Secretary of State to establish a publicly accessible, searchable database of reported information and directs the University of Illinois System to publish annual reports with aggregate demographic data and individual corporation ratings starting March 1, 2021.

Establishes a rating system for assessing representation of women, minorities, and LGBTQ individuals on corporate boards based on compliance with reporting requirements, diversity policies, and actual demographic diversity achieved.