Illinois House Passes Bill Requiring Women, African-Americans on Corporate Boards

April 8, 2019 in News by Slad

 

Source: NewsWars

Critics say policy destroys state’s ability to attract businesses

By Dan Lyman

The Illinois House of Representatives has passed a bill mandating that all publicly-traded companies headquartered in the state will need to have a woman and an African-American sitting on its corporate board by 2021.

Failure to comply could result in fines of up to $300,000.

A heated debate on the House floor preceded the bill’s passage, according to Illinois News Network.

“I’m not going to be ashamed to stand here and fight for the people that sent me here,” said Rep. Emanuel Chris Welch (D), who is African-American. “Let’s stand up for our people.”

“Ashamed to fight for African-Americans to have a right in the room? Are you kidding me?”

Opponents of the bill have warned that it will create more hurdles for Illinois business growth, effectively signaling that the state is unwelcoming of new companies.

“We are destroying the ability for our state to grow,” said Rep. Tony McCombie (R).

The bill stipulates, “the Secretary of State shall publish a report on its website documenting the number of corporations that have at least one female director and one African American director, the number of corporations that were in compliance at one point during the preceding calendar year, the number of corporations that moved to Illinois during the preceding calendar year, and the number of corporations that were previously subject to the requirements during the preceding year but are no longer publicly traded. Provides penalties for violations.”

The bill now heads to the Illinois Senate for consideration.