MN SF4274

Requires publicly held corporations with principal offices in Minnesota to have minimum female and underrepresented community directors on their boards by December 31, 2023 and 2024, with escalating requirements based on board size.

By end of 2023, corporations must have at least one female director and one director from an underrepresented community (defined as individuals self-identifying as Black, Hispanic, Asian, Native American, LGBTQ+, or similar categories).

By end of 2024, corporations with six or more directors must have two female directors and two underrepresented community directors; those with five or fewer directors must have one of each.

Requires corporations to file annual reports with the secretary of state detailing board composition, with public reporting by March 1 each year starting in 2024.

Imposes fines of $100,000 for late filings or first violations and $300,000 for subsequent violations, with each unfilled required director seat counting as a separate violation per calendar year.