MN HF4630

Requires publicly held corporations with principal executive offices in Minnesota to have a minimum of one female director and one director from an underrepresented community by the end of 2023, increasing to two of each by end of 2024 (or one each if board has five or fewer total directors).

Defines "director from an underrepresented community" as individuals who self-identify as Black, African American, Hispanic, Latino, Asian, Pacific Islander, Native American, Native Hawaiian, Alaska Native, gay, lesbian, bisexual, or transgender.

Requires corporations to file annual reports with the secretary of state beginning January 15, 2024, disclosing total board size and composition by gender and underrepresented community status.

Authorizes the secretary of state to impose fines of $100,000 for failure to file timely information or for a first violation, and $300,000 for second or subsequent violations; each unfilled required director seat counts as a separate violation per calendar year.

Requires the secretary of state to publish annual reports on compliance, headquarters relocations, and changes in public trading status of affected corporations beginning March 1, 2024.