The Illinois House has voted to require all publicly held companies in the state to have at least one female and one African American on its board of directors. State Rep. Chris Welch’s bill would require any publicly traded company headquartered in the state to meet the two quotas “no later than the close of the 2020 calendar year.” The legislation, which would allow boards to expand to meet the requirements, would impose fines of up to $300,000 for non-compliance. The measure also requires the Secretary of State to keep an online list of corporations that would show if a company is in compliance with the law. The bill now goes before the Illinois Senate.
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